Bridges Weekly Trade News Digest • Volume 7 • Number 40 • 26th November 2003
AG Committee Discusses US Farm Bill, Assistance To LDCs
The WTO Committee on Agriculture (CoA) held its last regular session of the year on 20 November. The session lasted three hours and included discussions on the 2002 US Farm Bill, cereal imports for Net Food Importing Developing Countries (NFIDCs) and least developed countries (LDCs), as well as a financing initiative proposed by the IMF for developing countries. On the 2002 US Farm Act, Canada, Australia, Brazil and Argentina asked when the US was planning to notify the AoA of its intention to exempt some payments from domestic support reduction commitments. Australia asked specifically about the US’ multi-year crop disaster and counter-cyclical payment programmes. The US responded that it would notify as soon as possible. During the session, the UN Food and Agriculture Organisation (FAO) reported that the combined cereal import bill for LDCs and NFIDCs was forecast for approximately USD 7.3 billion for 2003/04, down almost 10 percent from the previous year, but still above the preceding four years. It noted that food aid continued to be important for LDCs. The IMF and World Bank also described new assistance programmes for LDCs. Elaborating on a new initiative announced in Cancun, the IMF said it would provide financial support to those Members facing a negative impact on the balance of payments from the current round of trade talks, and additional financial help if the impact of trade liberalisation turned out to be greater than anticipated in these countries.
ICTSD reporting.