The World Trade Organisation’s (WTO) July Package promises cuts in trade distorting agricultural subsidies and more special treatment for developing countries. The World Trade Organisation’s (WTO) July Package promises cuts in trade distorting agricultural subsidies and more special treatment for developing countries. On Sunday, for the first time, all 147 countries in the WTO agreed to do away with all forms of agricultural export subsidies that contribute to trade distortion.
WTO members also agreed to tariff reductions on industrial products with special rules for developing countries, to step up negotiations on services and to find a solution for fairer trade in cotton.
In the months ahead WTO countries will develop the agreed framework into detailed, specific commitments to complete the round as soon as possible.
This would include phase out periods for subsidies and tariffs and implementation dates for agreements.
The proposal on cutting agricultural subsidies alone, means developed countries, in particular the US, will have to undertake reforms to its domestic agriculture policy.
The EU, on the other hand said in a press release