By  on June 21, 2010

WASHINGTON — The U.S. and Brazil have reached an agreement in a long-standing dispute over cotton subsidies that could essentially forestall the imposition of sanctions on U.S. exports until 2012.

But analysts were skeptical Congress will ultimately eliminate the cotton subsidies, which were deemed illegal by the World Trade Organization last September, and stave off retaliation from Brazil. Under the long-term framework agreement, the two sides will meet quarterly to discuss a resolution in the context of a new farm bill containing the cotton subsidy programs that Congress will begin negotiating in 2012.

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