Bhagwati and Panagariya blame America for Doha’s failure, citing its maximalist demands and “almost pathetic” offered concessions. Read the full piece.

In the comments section at VoxEU, Peter Gallagher objects to the authors’ argument that if India is asked to lower its bound rates sufficiently so as to lower its applied rates, then the US ought to do the same. Gallagher notes that the US bound rates on agricultural tariffs are nearly the same as its applied rates, but the relevant US policy instrument is agricultural subsidization – in which case the bound rate vastly exceeds actual payments to farmers. See this short note (pdf) by Kim Elliott for the relevant numbers – at present, the US offer wouldn’t reduce the level of total trade-distorting support.