Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: WEDNESDAY, December 15, 1993 TAG: 9312150151
SECTION: NATIONAL/INTERNATIONAL PAGE: A1 EDITION: METRO
SOURCE: Associated Press
DATELINE: GENEVA LENGTH: Short
The agreement came one day before the deadline on a deal aimed at infusing the world economy with new vitality.
Despite last-minute snags and a barrage of protests, there seemed little doubt the enormous trade accord was in reach.
President Clinton proclaimed the United States "on the verge of an historic victory in our efforts to open foreign markets to American products."
The 116-nation Uruguay Round trade accord is expected eventually to funnel more than $200 billion annually into a sluggish world economy by lowering import barriers and creating fairer trade standards.
The United States and European Community had been deadlocked for months by disputes over farm subsidies and films.
Early Tuesday it became clear that French tenacity had triumphed over U.S. economic might in a multibillion dollar battle of nerves.
U.S. negotiators agreed to slow down the cuts in farm export subsidies that benefit French grain farmers. French farmers, known for orchestrating sometimes-violent protests to press their point of view, took to the streets in outrage. Then the Americans agreed to pull the film, movie and music sector out of the accord. That was a significant capitulation, because entertainment has become one of the leading U.S. exports.
Clinton's spokeswoman, Dee Dee Myers, characterize the setback as "essentially a draw."
One of the top goals of the United States had been to include the entertainment sector in a planned deal to liberalize trade in services.
by CNB