Sunday, 27 July 2008

WTO asks U.S. to lower farm subsidy ceiling

GENEVA: A compromise proposal to break a deadlock in talks on a global trade deal would require the United States to lower its ceiling on farm subsidies to about $14.5 billion (7.28 billion pounds), sources familiar with the talks said on Friday.The United States said on Tuesday it was ready to cut its ceiling for trade-distorting farm subsidies to $15 billion (7.5 billion pounds) a year to help unblock the World Trade Organisation talks.A U.S. official, speaking on condition of anonymity, said the U.S. offer still stood at $15 billion, compared to its current ceiling of $48.2 billion under WTO rules."We have always signalled that additional flexibility is contingent on an entire package containing additional market access," the U.S. official said.Under the compromise proposal, the EU would be required to lower its ceiling for trade-distorting farm subsidies by 80 percent to 24 billion euros ($37.7 billion) although that figure was within the scope of reforms already approved by the EU.

1 comment:

Ol James said...

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