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WTO strikes historic farming subsidy deal
Highlights
Countries in the World Trade Organization (WTO) have agreed to abolish subsidies on farming exports. Developed countries agreed to stop the subsidies immediately and developing nations must follow by the end of 2018.
Nairobi : Countries in the World Trade Organization (WTO) have agreed to abolish subsidies on farming exports. Developed countries agreed to stop the subsidies immediately and developing nations must follow by the end of 2018.
The WTO, which represents 162 countries, called it "the most significant outcome on agriculture" since the body's foundation in 1995. But longstanding talks on other trade barriers were left unresolved at the end of the summit in Kenya.
Removing agriculture export subsidies is intended to help farmers in poorer countries to compete more fairly. "The decision you have taken today on export competition is truly extraordinary," WTO chief Roberto Azevedo said at the closing session in Kenyan capital, Nairobi.
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