“The most important outcome for New Zealand is the agreement to eliminate the ability of WTO members to subsidise their agricultural exports”, Todd McClay says. The text refuses to recognize that because of the huge subsidies given by the developed countries and we are already facing threat of import surges.
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“The last thing you want are big stockpiles of food around the world that have been created through artificial means”. Such support made it impossible for developing nations to compete, she said.
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The US and other wealthier economies have increasingly focused on reaching trade deals with other regional blocs, rather than seeking global consensus. In recent years, the European Union has led the way in agreeing to renounce the use of export subsidies.
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Speaking from Dubai, Mr McClay described the deal as “very good” for New Zealand.
“CARICOM hopes that this meeting in Nairobi will take meaningful decisions which will signal that the multilateral trading system, embodied in the WTO, can do the same”. During an open-ended agriculture meeting, Sitharaman said that export competition is one of the pillars of agriculture negotiations and these negotiations are finely balanced on three pillars and “taking out one pillar will disturb the balance”.
The Doha Round of negotiations launched in 2001 have remained stalled since July 2008 due to differences between the rich and the developing nations mainly on the level of protection to farmers in developing countries.
Sirleaf also said African countries must continue to push for reducing subsidies by wealthy countries for cotton production and other areas of farming.
“Every member state’s contribution must be in line with its development level”, said Germany’s Matthias Machnig, a state secretary in the Economics and Energy Ministry.
“We recognise that it may be necessary to discuss, post Nairobi, appropriate ways in which we can address the issues in the Doha Agenda, in order to achieve successful outcomes”.
Richard Baldwin, a professor of worldwide economics at the Graduate Institute of Geneva, summed up the feeling on Twitter.
Kenya’s foreign minister Amina Mohamed, who had described the WTO’s negotiating function as broken at the summit’s opening, said she was confident that the Nairobi talks had actually “strengthened” the body over the week.
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The deal was signed by 53 countries including China that will see to the removal of tariffs on trade worth $1.3 trillion, which is expected to give a $190 billion boost to the world economy. This was hailed as good for global business, but it has yet to be adopted by many countries.
