Monday, December 19, 2005

'Modest' deal struck in Hong Kong

BBC NEWS | Business | 'Modest' deal struck in Hong Kong: "A limited trade deal has been reached in Hong Kong after developing countries approved a European Union offer to end farm export subsidies by 2013."

Agricultural subsidies: Farm export subsidies will progressively be phased out by 2013. However, there has been no agreement on import tariffs
Cotton: Rich countries will phase out export subsidies for cotton but there is no agreement on a date for reducing domestic subsidies for US farmers
Development Aid: The poorest countries will get quota-free and duty-free access to global markets for 97% of their goods

There was a large police presence around the venue after clashes between police and demonstrators on Saturday, which left 70 people injured.

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