WTO secures ‘historic’ package for members
THE World Trade Organisation (WTO) members have reached a historic agreement on a series of trade initiatives at the end of their 10th Ministerial Conference in Nairobi, Kenya, at the weekend.
The agreement, tagged “Nairobi Package”, contains a series of six ministerial decisions on agriculture, cotton and issues related to least-developed countries.
These include a commitment to abolish export subsidies for farm exports, which the Director-General, Roberto Azevêdo, hailed as the “most significant outcome on agriculture” in the organisation’s 20-year history.
The other agricultural decisions cover public stockholding for food security purposes, a special safeguard mechanism for developing countries, and measures related to cotton.
Decisions were also made regarding preferential treatment for Least Developed Countries (LDCs) in the area of services and the criteria for determining whether exports from LDCs may benefit from trade preferences.