18 December 2005

End Farm Subsidies by 2013, Says WTO

HONG KONG -- In a move that may have saved this latest round of WTO talks from failure, 149 countries agreed to an end-date for agriculture subsidies, but not until three years after the date that was sought. The EU got it's way on this one and may "owe one" to developing countries as a result, according to some participants.

Perhaps the biggest immediate impact is the elimination of export subsidies on cotton next year, which will help African cotton-growing nations. (It may also cause Pietra Rivoli to revise her fascinating book, The Travels of a T-Shirt in the Global Economy, which details the history of such subsides.)

For the complete story, see CNN Money

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