End export subsidies: G20

G20 on Saturday sent out a strong signal to developed countries demanding that they end export subsidies in five years and cut domestic support to agriculture.

A five-page declaration adopted at the end of the two-day ministerial meeting said, 8220;G20 calls for substantial reductions in trade distorting domestic support and elimination of export subsidies in agriculture within five years, with front loading commitments8221;.

Announcing the decision, Commerce Minister Kamal Nath told a joint press conference that eliminating of export subsidies was crucial as it created artificiality of prices denying market access to developing countries.