Highlighting the need to arrive at a "balanced package" at the forthcoming Hong Kong Ministerial, the group of 20 leading economies of the world on Friday asked the developed countries to put an end to all trade distorting policies in agriculture and sought phasing out of export subsidies in five years.
Reaffirming their commitment to advance the Doha round of trade negotiations, the G-20 ministers said, "In export competition pillar, a key decision to be taken is date of elimination of all forms of export subsidies. Countries that apply such instrument to agree to arrive at an early decision on the matter contemplating their elimination in a period no longer than five years."
According to the draft ministerial statement to be discussed at the two-day meeting, the G-20 members said substantial reductions in trade distorting demestic support negotiations should determine the base periods and initial and final numbers for the overall trade distorting domestic support.
They cautioned against any attempt to reduce the "de minimis" support in developing nations saying that it would negatively affect the programames benefitting subsistence and resource poor farmers there.
Cautioning against any circumvention of market access commitments by developed countries through "inappropriate conversion methodology", they said stressed on the need to finally bind all non-ad valoarem duties in their ad valorem equivalents as it would impact the tariff reduction formula.
