WASHINGTON - The United States is prepared to cut its most trade-distorting farm subsidies by 60 per cent in the next five years and eventually eliminate them, but wants deeper cuts by the European Union and Japan, says US Trade Representative Rob Portman.
Striking a deal to cut rich nations'
agricultural supports and tariffs is seen as vital if world trade talks are to make progress in lowering barriers on goods and services, and agree on a blueprint for doing so at a World Trade Organisation meeting in Hong Kong in December. US negotiators have been loath to move without more progress on how much other countries would cut farm tariffs to open their markets to US farmers.
Portman said yesterday the US wanted to see steep tariff cuts during the next five years, starting from 55 per cent up to 90 per cent in the highest tariffs in rich countries. In a second stage, tariffs should be brought down to zero.
Portman said: " ... The US is ready to make tough decisions on agriculture but we cannot do it alone."
- REUTERS
