WTO members to end all farm export subsidies by 2023

All members of the World Trade Organization must halt farm export subsidies by 2023 as part of an ongoing effort to lower trade barriers and increase cross-border commerce, the government said Sunday.
  

According to the Ministry of Trade, Industry and Energy, the members reached an agreement at the WTO's latest ministerial talks in Nairobi on key issues related to the agriculture sector that had been a sticking point in the long-drawn Doha Development Agenda talks.
  

Under the agreement, all leading industrialized economies must stop farm export practices and subsidies immediately, while emerging economies must do so by the end of 2018. Emerging economies, in addition, must desist from giving various logistics support that can give their farm products an edge in the export market.
  

Asia's fourth-largest economy does not provide direct export subsidies for its farm products, but it does give some 30 billion won ($25.3 million) a year for logistics and shipment related support for agricultural goods.
  

"In accordance with the latest WTO pact, this kind of support will be halted after 2023," the ministry said.
  

It said while support must be halted, Seoul did get an eight-year grace period to prepare for change.
  

In addition, the latest agreement calls for the repayment period on credit given to prop up farm exports not to exceed 18 months and that measures must be taken to end the monopoly of export-oriented state-run enterprises. It, moreover, called for revisions to rules governing food aid.
  

Despite headway made in Kenya, the WTO again failed to make progress on market access in the farming sector, domestic subsidies, non-agricultural market access and services, as well as trade-related standards. (Yonhap)