CRI听力:WTO Nairobi Meeting Ends with Major Breakthrough on Global Trade

After five days of intense discussions, the 162 WTO member countries reached a breakthrough agreement for the world trade system.

The new Nairobi Declaration includes the elimination of agricultural export subsidies and further tariff reduction for information and technology products.

WTO Director-General Roberto Azevedo hails the historic result of the conference.

"The decision you have taken today on export competition is truly historic. It is WTO's most significant outcome in agriculture. The elimination of agriculture subsidies, export subsidies are spectacularly significant."

According to the declaration, developed nations will eliminate their scheduled farm export subsidies immediately, while developing countries will get rid of theirs from 2018.

Wang Shouwen, a deputy minister from China's Ministry of Commerce, says farm export subsidies have been a prime focus for developing countries.

"It is unfair because developed countries are financially capable of providing subsidies for farm products. But, as for developing countries, they can't get subsidies as their agriculture sectors are relatively small. So this deal has significant meanings for free agriculture trade, and, particularly, for farmers' income and the growth of agriculture in developing countries."

US trade representative Michael Froman also said the deal would "put an end to some of the most trade distorting subsidies" and "help level the playing field for American farmers and ranchers".

The ministers also endorsed the Information Technology Agreement, which expands the range of information technology products for tariff cuts.

The import duties on some 200 high-tech products will be cut over the next 7 years.

Their annual trade is estimated at 1.3 billion U.S. dollars, taking 8 percent of the total world trade volume.

Wang Shouwen says the expansion is a great means to buoy slowing international trade.

"They include medical and IT products that are quite high-tech. Once their tariffs are cut, consumers can enjoy lower prices and investors would be more willing to put in their money in these products."

During the conference that kicked off Tuesday, Afghanistan and Liberia were also approved to join the WTO.

This year marks the 20th anniversary of the founding of WTO, and also the first ministerial meeting held on the African continent.

For CRI, this is Fei Fei.