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India dismisses U.S. offer on farm subsidies
U.S. Trade Representative Susan Schwab addresses a news conference at the World Trade Organization (WTO) headquarters in Geneva July 21, 2008.
Credit: Reuters/Denis Balibouse
GENEVA |
GENEVA (Reuters) - A new offer by the United States to cut the limit on its trade-distorting farm subsidies to $15 billion is not serious and bigger cuts are needed, a senior Indian official said on Tuesday.
"My immediate response is it doesn't pass the 'laugh test'," the senior official, who asked not to be named, told Reuters.
He said the new proposed ceiling was double current actual outlays for U.S. farmers of about $7 billion, while the United States was asking developing countries to open markets by making real cuts in their actual agricultural and industrial tariffs.
Earlier U.S. Trade Representative Susan Schwab announced the offer, conditional on improved market access from U.S. trading partners, in order to kickstart negotiations on a new global trade pact at the World Trade Organisation (WTO).
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