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But, any agreement ''must be concluded'' before George Bush relinquishes the presidency

BRUSSELS, Belgium – 05/08/08 – The European Union's trade chief remains “hopeful” that a breakthrough in reviving the stalled Doha Round of world trade talks is still possible by the end of the year.

Peter Mandleson has said he expects a new negotiating text for agricultural and industrial goods to be presented to World Trade Organization (WTO) countries next week at the group’s headquarters in Geneva, a move “that could pave the way for a new round of high-level talks to find a final compromise.”

The texts, he added, “will not solve all our problems but it will pave the way for us to do so.”

The agricultural and industrial goods sectors have proven to be the most contentious and divisive during the drawn-out trade talks, which are aimed at boosting international trade by reducing or eliminating both tariff and non-tariff trade barriers.

Mandelson also said he would like to see senior level talks resume in Geneva shortly "to complete the bulk of the remaining negotiations" on a new global trade pact.

He said his aim was still to ensure a new deal is completed by the end of this year.

Addressing the looming issue of the upcoming November US presidential election, Mandleson said, “We need to head for a ministerial (meeting) in May or June. ... We need to get the bulk of the work done under President Bush's watch, and that means this year."

Ministers from WTO nations are expected to meet in June or July in an attempt to find a breakthrough in the negotiations.

Without a breakthrough before the WTO's August break, there will be no chance of a deal being done under President George Bush, raising the prospect of further years of delay or the round's complete collapse, negotiators have said.

Any final version of an agreement would have to be signed by the next US president and handed over to Congress for approval.

The EU is keen to wrap up a deal under the Bush Administration and before the EU's executive commission's term ends in 2009.

Both changes in administration could force the WTO to start negotiations from scratch, WTO officials have said voicing growing concern over the vocal anti-free trade stance taken by both Democratic presidential hopefuls Hillary Clinton and Barack Obama.

Mandelson said he has been given “assurances” by US Democratic Party leaders that they “would not unpick a global trade deal” if the party won November's presidential election.

"And the view coming back from them is that if you do do the bulk, if you really get it done bar the final details, then there will be continuity, we're not going to start reversing it," he said in an interview with the BBC after the meetings.

Despite the “assurances,” Mandelson repeated his criticism of both Democratic candidatesfor questioning the value of more open trade.

The EU trade chief declined to mention any candidate by name, though he criticized Hillary Clinton by name last December for suggesting she might not press for a WTO deal if elected.

"It's ... irresponsible to be pretending to people that you can erect new protection, new tariff barriers around your economy," he said. "It's going to lead us into a vicious spiral of beggar-my-neighbor policies which will take us decades back in terms of trade growth and rising living standards."

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China Projected to Take Manufacturing Crown

BOSTON, Mass. – 08/18/08 – Rapid growth in certain manufacturing segments will help China overtake the US as the world's leading manufacturer within a decade, according to Global Insight, the Massachusetts-based economics consultancy; but, rather than being a cause for concern, the forecasted explosive growth of China’s manufacturing sector “is not a sign of weakening future prospects for the US” and ''is more likely to open up greater opportunities for the US, as well as other producers,'' the company said.