Geneva, Aug 13: The European Union and the United States have agreed "in principle" on a joint position for World Trade Organisation talks on agricultural trade reform, a trade source said here today. "There is a political agreement in principle, but, and this is a big but, this text still needs to be fine-tuned," the trade source said. "The details still need to be drafted. Both US and EU have to get the clearance of their own political decision-making process," the source added. The two trade giants, which are expected to present the joint plan to the other 144 WTO members today announced the joint effort at the end of last month in an effort to kickstart the negotiations.
Agriculture is the thorniest issue on the WTO's negotiating agenda and is considered key to the overall round of talks to further tear down barriers to global trade that also include trade in services and market access for industrial goods.
But countries have been deadlocked for months over the targets for reducing subsidies and opening up markets.
Trade sources have said previously that the joint plan would cover the three so-called pillars of farm trade: access to markets, domestic support and export subsidies. Bureau Report