Pulse.com.gh logo
Go


Progress WTO strikes 'historic' farming subsidy deal

The WTO, which represents 162 countries, called it "the most significant outcome on agriculture" since the body's foundation in 1995.

  • Published:
File photo play

File photo

24/7 Live - Subscribe to the Pulse Newsletter!

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.

The summit of ministers, which finished on Saturday after five days of talks, was the first to be held in Africa.

Doha deadlock

The WTO called the farming agreement "historic", while the European Commission said it would be "good for fairer trade".

"For those who had doubts, it proves the relevance of the WTO and its capacity to deliver results," EU Trade Commissioner Cecilia Malmstrom said.

Kenya's Foreign Minister Amina Mohamed said the summit would be "remembered as having made that leap" from a time when the WTO was divided along a "developed and developing divide".

It follows a WTO deal in July to cut tariffs on $1.3trn (£833bn) worth of technology products.

But the body had been under pressure in Nairobi to remove other trade barriers after discussions had stalled in recent years.

The lack of progress in the ongoing Doha Round of talks, which first started in the Qatari capital in 2001, had led some countries to seek agreements among smaller groups.

Doha's goals included increased duty-free access for developing countries; lower tariffs on agricultural products, textiles and clothing; and the reduction of trade-distorting subsidies from developed countries.

The final declaration adopted in Nairobi said "many members" reaffirmed their "full commitment to conclude" the Doha Development Agenda goals.

But it added: "Other members do not reaffirm the Doha mandates, as they believe new approaches are necessary to achieve meaningful outcomes in multilateral negotiations."

Two new countries, Afghanistan and Liberia, were accepted into the WTO at the summit and will formally join in the coming weeks.

Source:BBC

Do you ever witness news or have a story that should be featured on Pulse Ghana?
Submit your stories, pictures and videos to us now via WhatsApp: +233507713497, Social Media @pulseghana: #PulseEyewitness & DM or Email: eyewitness@pulse.com.gh.

Recommended Articles

Recommended Videos




Top Articles

1 New Appointment Nana Addo appoints Mahama as Lands Commission bossbullet
2 Ghana Politics Akufo-Addo fires Lands Commission bossbullet
3 Mobile Money MTN freezes account of Ponzi scheme over GH¢11m defaultbullet
4 Menzgold Ghana Don't deposit money with Menzgold – BoG cautions...bullet
5 Mahama boys prevented me from meeting him – Fibre Optics Inventorbullet
6 Salaries In 2018 Here are the dates public workers will be...bullet
7 Government Interventions UN expert says 1D1F, $1m Per...bullet
8 Banking In Ghana Invest in more risky ventures – Nana Addo...bullet
9 Ports And Harbour Issues GPHA staff apologises to Mac Manubullet
10 Free Decoder Promo StarTimes launches most affordable...bullet

Top Videos

1 New Discovery Ghana discovers new mineral, lithium in commercial quantitiesbullet
2 Forbes 2018 Africa's billionaires rich listbullet
3 Dr Joseph Siaw Agyepong Nobody can collapse my company – JOSPONGbullet
4 Plane Crash Starbow suspends operations following plane crashbullet
5 Support Finance minister buys Kantanka carbullet
6 New Phone Nokia’s MWC 2018 Event in Under 10 Minutesbullet
7 Money Alert Meet Africa's richest womanbullet
8 Video We are determined to move Ghana beyond aid - Bawumiabullet
9 Entrepreneurship Failure- How To Deal With It |...bullet
10 Tech 6 reasons you should buy an iPhone SE instead of...bullet

Business