In exchange for the inclusion of agriculture in WTO disciplines and a commitment to reduce trade-distorting subsidies in the future, industrialized countries would be allowed to maintain subsidies that “cause no more than minimal trade distortions” in order to achieve various public policy objectives. [1] The GATT still exists as a WTO treaty on trade in goods, updated following the Uruguay Round negotiations (a distinction is made between GATT 1994, the updated parts of the GATT, and GATT 1947, the original agreement which remains at the heart of GATT 1994). [10] However, GATT 1994 is not the only legally binding agreement contained in the Final Act. a long list of about sixty agreements, annexes, decisions and agreements was adopted. The 1995 agricultural agreement required industrialized countries to reduce export subsidies by at least 36% (in value) and 21% (in volume) over six years. For developing countries, the agreement required reductions of 24% (in value) and 14% (in volume) over ten years. . . .
Agreement On Agriculture Wikipedia
