WTO ROUND DEAL
August 1st, 2004
BY KEITH NUTHALL
THE HALF-TIME 'framework' agreement on the current WTO round struck last month (July) in Geneva involves developed countries slashing at least 20% from all "trade distorting support", including schemes limiting production, such as set-aside. These subsidies would only continue if they "are made on a fixed and unchanging" yield of crops and livestock, or cover 85% or less of current production. Many details must be agreed in the round, but member countries made progress, confirming a future ban on export subsidies.
THE HALF-TIME 'framework' agreement on the current WTO round struck last month (July) in Geneva involves developed countries slashing at least 20% from all "trade distorting support", including schemes limiting production, such as set-aside. These subsidies would only continue if they "are made on a fixed and unchanging" yield of crops and livestock, or cover 85% or less of current production. Many details must be agreed in the round, but member countries made progress, confirming a future ban on export subsidies.
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