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U.S. Legislation Disappoints Agricultural Exporting Countries.
Byline: Woranuj Maneerungsee
Jul. 1--After the Doha summit last November, agricultural exporting countries had high hopes that a new round of global trade talks would lift product prices with World Trade Organisation members eventually eliminating barriers in the sector.
However, by May this year they were disappointed. The Bush Administration approved the Food Security and Rural Investment Act 2002, commonly called the Farm Bill, that would spend about $170 billion in subsidies for American farmers over the decade.
The subsidy is twice Thailand's national debt at the peak of the economic crisis in 1997 and $73.5 billion more than what was contained in the previous bill in 1996.
The United States has made a U-turn in its farm trading ...
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Source: HighBeam Research, U.S. Legislation Disappoints Agricultural Exporting Countries.