World Trade Organization's historic deal kills farming subsidies

PanARMENIAN.Net - Countries in the World Trade Organization (WTO) have agreed to abolish subsidies on farming exports, BBC News reports.

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.

Removing agriculture export subsidies is intended to help farmers in poorer countries to compete more fairly.

"The decision you have taken today on export competition is truly extraordinary," WTO chief Roberto Azevedo said at the closing session in Kenyan capital, Nairobi.

The summit of ministers, which finished on Saturday after five days of talks, was the first to be held in Africa.

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".

It follows a WTO deal in July to cut tariffs on $1.3trn (£833bn) worth of technology products.