WTO negotiators reach tentative accord on major global trade issues
Published:
5 August 2004 y., Thursday
Key trade ministers tentatively agreed Saturday on a plan to end export subsidies on farm products and cut import duties around the world, a key step toward a comprehensive global accord under discussion since 2001, trade officials said.
The deal was expected to be approved by all 147 members of the World Trade Organization later Saturday, opening the way for full negotiations to start in September.
"Developed countries have recognized that agricultural trade with a heavy subsidy component is not free trade," said Indian Trade Minister Kamal Nath.
But he said the United States, European Union and other developed countries will also benefit by removing heavy agricultural subsidies from their budgets.
Ken Ritter, president of the Canadian Wheat Board, said he's concerned the tentative deal would break a promise the Canadian government made to protect the grain marketing monopoly. In a breakthrough Saturday some 20 key countries approved a document setting out the framework for a legally binding treaty, World Trade Organization spokesman Keith Rockwell said.
The document will commit countries to lowering import duties and reducing government support in the three major areas of international trade - industrial goods, agriculture and service industries, such as telecommunications and banking.
The deal sets back in motion the long-stalled "round" of trade liberalization treaty talks that were launched by WTO members in Doha, Qatar, in 2001 but delayed by the collapse of the body's ministerial meeting in Cancun, Mexico, last year.
In agriculture, the document agrees to eliminate export subsidies and other forms of government support for exports, while making big cuts to other subsidies. It includes a "down payment" that would see an immediate 20-per-cent cut in the maximum permitted payments by rich countries.
Šaltinis:
Canadian Press
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.
The most popular articles
Most EU countries continue to meet deadlines for incorporating single market rules into national law, contributing to economic growth and job creation.
more »
Japanese officials unveil their new bullet train, capable of travelling at speeds of 320 km per hour (198 miles per hour).
more »
The first International Security Technology Exhibition, KIPS 2011, will be held on 23-26 February 2011 in Kiev (Ukraine). The motto of the exhibition is ‘There can never be too much security!’
more »
The world's highest restaurant opens in Dubai, United Arab Emirates, located 400 metres above ground in Burj Khalifa, the world's tallest tower.
more »
The rights of consumers will be clarified and updated, whether they shop at a local store or buy goods on line, under new EU rules as amended by the Internal Market Committee on Tuesday.
more »
MEPs on Wednesday gave their green light for the Council to conclude an Interim Economic Partnership Agreement with Papua New Guinea and Fiji, two countries of the Pacific Region with significant exports to the EU.
more »
Report sets 10 priorities for tackling the bloc's main economic challenges, launching the first ever ‘European semester'.
more »
China's first capsule hotel ready to open its doors in Shanghai, aims to capture slice of booming leisure budget travel market.
more »
Declaration by Michel Barnier on the start of three new authorities for supervision.
more »
On 1 January, Estonia adopted the euro as its official currency and the changeover is running smoothly and according to plan.
more »