World Trade Organization(WTO) strikes 'historic' farming subsidy deal in Nairobi,Kenya

 

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.

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.


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".