U.S., EU Agree on Farm Aid, Tariff Plan
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The European Union and the U.S. agreed in principle to cut farm aid, export subsidies and import tariffs, giving momentum to stalled international trade negotiations.
The text of the three-page accord sets conditions for subsidizing farmers, outlines a formula for reducing tariffs and proposes trimming export aid. The document doesn’t spell out the percentages of cuts or when they would go into effect.
The text has been handed to the heads of delegations at the World Trade Organization in Geneva, less than a month before trade ministers are set to meet in Cancun, Mexico.
From Bloomberg News
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