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U.S. farm subsidy cuts praised by New Zealand
WELLINGTON, New Zealand (AP)--New Zealand, Feb. 7, praised U.S. farm subsidy cuts in Washington's latest budget, calling them evidence that America is committed to successful world trade talks.
Trade Negotiations Minister Jim Sutton welcomed news that U.S. President George W. Bush had put forward a budget that cuts farm subsidies by US$587 million (euro460 million).
It also caps at US$250,000 (euro196,000) the maximum subsidy payment per farmer and imposes a 5 percent reduction in crop and dairy payments.
"Domestic support levels are one of three key areas for agriculture negotiations at the World Trade Organization (talks), and many countries in the WTO have been waiting to see if the United States was prepared to move in this area," he said.
Sutton labeled the move as "brave and would be recognized as part of the United States' efforts to ensure the Doha Round was successfully completed."
In Australia, Trade Minister Mark Vaile also welcomed the U.S. subsidy cuts.
Vaile said the cuts would help Washington cope with its huge fiscal deficit, "which will be good for the global economy."
"The best structural way to alleviate global poverty is to eliminate barriers to trade and to allow greater access to the wealthier markets of the world," he told parliament.
Trade officials currently are trying to energize the trade talks, launched in Doha, Qatar, in 2001, which aim to slash subsidies, tariffs and other barriers to global commerce.
The WTO's 148 members have just 11 months before a gathering in Hong Kong that they hope will bring the treaty into force in 2006.
A WTO conference in Cancun, Mexico collapsed in 2003 amid bickering over investment rules between rich and poor members, as well as differences on agriculture trade.
High-level meetings in Geneva last year finally led to an accord that laid some groundwork on cutting agricultural tariffs, as well as export subsidies that have helped farmers in rich nations.
Date: 2/24/05
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