WTO eliminates export subsidies
posted on 8/5/2004 10:54:26 AM

The United States agreed to make a 20-percent cut in the $19 billion annual subsidies it pays to U.S. farmers during a meeting of the 147-member World Trade Organization in Geneva, Switzerland. U.S. trade representative Robert B. Zoellick reached an agreement to cut subsidies for corn, rice, wheat and soybeans. Zoellick also reached an agreement with four cotton-producing countries in West Africa for eventual cutbacks in subsidies paid to U.S. cotton growers. If the agreements are approved, the subsidy cuts would go into effect at a successful conclusion of this round of talks, probably sometime in 2006. The agreement will provide much-needed structure and direction for the ongoing talks, which are aimed at expanding access for America's producers to overseas markets through reductions in tariffs and other restrictions, and reducing trade-distorting domestic subsidies. For more information on the agreement, go to www.ustr.gov


posted by anonymous

Return to the OSL Home page | view what's new archives