in-a-generation chance to inject up to $300 billion a year into the world economy and lift millions of people out of poverty. Since they began, Brazil, India and other countries that rely heavily on agriculture exports have focused on trying to cut U.S. and EU subsidies and trade barriers. Europe and the United States have been unwilling to make deep cuts in aid to cotton, sugar and other producers unless developing countries further open their markets to services and manufactured goods. Mandelson said European offers remained on the table and the EU was ready to be more flexible if others were too. On a date for a ministerial meeting, Mandelson said if a resumption was possible, it would have to wait until the end of this year or the beginning of 2007. "I think it is impossible to talk about a further ministerial rendezvous until we've been able to take stock following the mid-term election in the United States. Realistically, we need to get beyond that bump in the road." Mandelson met earlier on Monday with businessmen at Fiesp, the powerful business lobby in Brazil's industrial and economic power center, Sao Paulo. They discussed priorities in international trade including the Doha Round and a proposed pact between the EU and the Mercosur bloc linking Brazil Argentina, Uruguay, Paraguay and Venezuela. The EU-Mercosur talks could be pursued at the same time as the Doha Round, he said. "One should not preclude the other."
