US refuses to cut farm subsidies
The US on Monday ruled out cutting farm subsidies unilaterally, but said it was open to talks on the subject with a view to restarting the Doha Round of negotiations at the World Trade Organisation.
By PTI |
NEW DELHI: The US on Monday ruled out cutting farm subsidies unilaterally, but said it was open to talks on the subject with a view to restarting the Doha Round of negotiations at the World Trade Organisation.
We are willing to match ambition with ambition, Deputy US Trade Representative Karan Bhatia said on the sidelines of India Economic Summit organised by CII and World Economic Forum here.
Washington was willing to negotiate everything with other trade partners, he said, while criticising attempts by countries like India to seek protection for its agriculture goods by putting them in list of sensitive items that were not open to trade.
Bhatia said it was an attempt to restrict market access. He described as pernicious, the accusation that by seeking market access from developing countries in agriculture without reducing its own domestic subsidies the US would end up hurting subsistence farmers.
The US recognises that 60 per cent of the people in India were engaged in rural sector other sectors of its economy have done well. The Doha Round would drive reform in agriculture, Bhatia said.
ADVERTISEMENT
The refusal by US to cut its farm subsidies had led to the collapse of negotiations in July. The talks have remained in limbo as major trading countries and blocks have failed to reach a common ground on the issue of subsidies and tariffs.He said the US hopes that formal negotiations on the Doha round would resume soon but a lot of work needs to be done before that.
Download
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
