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India has rejected the US offer to cut its overall trade distorting farm subsidies to US $15 billion a year, saying the move would not help as it still gives America enough headroom to increase the incentives.
Reacting strongly to the US offer being made at a press conference, India's Commerce Secretary Gopal Pillai said, "India does not negotiate through the press. We negotiate in the green room at WTO meet." US has a bound-limit of $48 billion for farm subsidies. Dubbing the offer to bring it down to $15 billion as inadequate, Pillai said as per the current offer the applied subsidies would be $7 billion only and therefore it still gives enough room to increase farm support to $15 billion.
US Trade Representative Susan Schwab said the US was prepared to bring down its trade distorting farm subsidies provided developing countries reciprocate with offers to open their markets for industrial and farm goods.
Addressing the press meet in Geneva, Schwab said, "I will be informing our green room colleagues that we are prepared to reduce our overall trade distorting domestic support to $15 billion. This is a major move taken in good faith." (Source: PTI)
July 23, 2008
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