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Home >> World
UPDATED: 10:43, July 09, 2005
G8 leaders promise to end farm subsidies
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The Group of Eight (G8) leaders on Friday pledged to end controversial agriculture export subsidies without giving a specific date to achieve such a goal.

"In agriculture we are committed to reducing trade-distorting domestic subsidies and eliminating all forms of export subsidies by a credible end date," said the leaders in a final statement after a two-day summit in Gleneagles, Scotland.

Agriculture is one of the key stumbling blocks to a broader deal on trade liberalization in the World Trade Organization (WTO) 's Doha Development Round. Britain had floated the idea of ending subsidies by 2010 but failed to win a consensus.

The G8 leaders, however, agreed to redouble efforts to bring the Doha Agenda to a successful conclusion.

"We saw this as vital to drive growth and boost incomes across the world, and a necessary element of our work to reduce global poverty," the final statement said.

"We and our emerging economy partners agreed to inject the necessary political momentum into the discussion to ensure an outline agreement by the WTO Hong Kong Ministerial Meeting in December, and a final agreement in 2006," the statement said.

Leaders of the G-8 which comprises the United States, Japan, Germany, Britain, France, Italy, Canada and Russia, were joined at the annual summit by leaders from China, India, Brazil, Mexico and South Africa.

Source: Xinhua


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