LISBON (Reuters) - The European Union and the United States will hold consultations in the World Trade Organization (WTO) next week on a U.S. plan to rotate sanctions on EU products in two trade disputes, EU Trade Commissioner Pascal Lamy said on Wednesday.
Lamy said he had discussed with U.S. officials at an EU-U.S. summit new U.S. legislation which requires the Clinton administration to revise products hit with sanctions in a row over the EU's import policies on bananas and hormone-treated beef.
"We are extremely unhappy about that (the new legislation) and we've announced that consultations in the WTO will begin next week on that," Lamy told Reuters in an interview. Consultations are the first step in the WTO's dispute settlement procedure.
Lamy said the EU and the United States would issue a statement later on Wednesday on prospects for launching a new round of global trade talks after the failure of last December's Seattle conference. "We both believe it is worthwhile trying to relaunch a round this year," he said.
Lamy said he had discussed outstanding trade disputes over beef, bananas and U.S. tax breaks for exporters with U.S. officials. He mentioned no breakthroughs but said both sides wanted to comply with WTO rules.:
