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Brazil's CAMEX to restart public discussion on US cotton
20
Dec '13
courtesy: Magno Romero / MDIC
courtesy: Magno Romero / MDIC
A meeting of the Council of Ministers of the Foreign Trade Chamber (CAMEX), chaired by Fernando Pimentel, Minister of Development, Industry and Foreign Trade (MDIC), decided to restart, beginning in January 2014, the process of public consultations on intellectual property in retaliation against the United States, under the cotton dispute.
 
The public consultations with the stakeholders, meant as a preparatory act for possible retaliation against the suspension of the annual payments of US$ 147.3 million to the Brazilian Cotton Institute (IBA), will be held from January 2 to 31, 2014, according to a CAMEX statement.
 
The meeting also decided on the continuity of the technical group, established to identify, evaluate and formulate proposals for the implementation of authorized countermeasures, until February 28, 2014, with the aim of taking a decision about the adoption of retaliatory measures.
 
In 2010, Brazil won authorization from the World Trade Organisation (WTO) to receive US$ 831 million per year, with US$ 591 million in products and about US$ 240 million in intellectual property.
 
But, through a memorandum of understanding (MoU), the US Government agreed to make an annual payment of US$ 147.3 million, in monthly installments, to the IBA, until a new Farm Bill was passed.
 
The IBA directed the finance towards technical cooperation and assistance to Brazilian cotton farmers.
 
However, after more than three years, the US Government is yet to adopt a new farm bill, and the last farm bill expired on September 30, 2013. Moreover, the US Government has stopped paying its monthly installments to the IBA since September this year.
 

Fibre2fashion News Desk - India

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