Australia’s farming produce is set to become more competitive after the World Trade Organisation (WTO) agrees to end 15 billion US dollars in agriculture export subsidies at the weekend.
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The main cause of disagreements between the 164 WTO economically diverse members has been the Doha Round, which was launched in 2001 at the WTO’s fourth Ministerial Conference in Doha, Qatar. “The elimination of agriculture subsidies, export subsidies are spectacularly significant”.
Global trade leaders moved closer to ending the Doha round of talks and leaving behind those negotiations for a fresher more modern approach.
“Our work to secure a global ban on export subsidies will help level the playing field for American farmers and ranchers”, U.S. Trade Representative Michael Froman said in an e-mailed statement.
“Given the scale and significance of New Zealand’s agricultural export earnings, the removal of any instrument that can distort market forces and disadvantage our exporters is an important step forward”, says Federated Farmers National President Dr William Rolleston.
“It is regrettable that longstanding issues of interest to a large number of developing countries are being put aside for the future and new issues of recent vintage are being taken up with unusual enthusiasm”, the minister said.
India has said it is “utterly disappointed” that the Doha Development Agenda (DDA) was not completed at a ministerial meet of the World Trade Organisation (WTO) in Nairobi.
Under the agreement, all leading industrialized economies must stop farm export practices and subsidies immediately, while emerging economies must do so by the end of 2018.
“The meeting is still on since last night”, people close to the development said, adding that a small group of countries-India, the US, EU, China and Brazil-are discussing the issues.
There were no differences among the developing countries or between developed and developing nations. “The special & differential treatment shall also be carried on”, Indian Commerce and Industry Minister Nirmala Sitharaman said in Nairobi on Saturday.
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The ministers also endorsed the Information Technology Agreement, which expands the range of information technology products for tariff cuts.
