WTO agreement to continue trade talks and to hold a ministerial conference in late 2005

Press Release 158/2004
1 August, 2004


The General Council of the World Trade Organization reached agreement on the continuation of trade negotiations late Saturday night. According to Minister Lehtomäki, the decision taken corresponds with the goals Finland set for the continuation of talks; i.e. a broad-based and balanced round of negotiations. The decision taken will also promote securing developing countries’ commitment as part of the multilateral trade system.

Relatively speaking, the abolishment of agricultural export subsidies has received the greatest attention on the domestic scene. The agricultural reforms undertaken enabled the European Union to play an active role in the talks. Minister Lehtomäki stresses the importance of concluding the negotiations within the framework of the agricultural policy reforms that have been implemented.

The European Union undertook to launch negotiations to set detailed rules aiming to bring an end to export subsidies. The time frame for abolishing subsidies will be agreed separately, stipulating that all forms of export competition are considered equally. The outcome of the talks also requires that agricultural policy reforms are implemented in countries that haven’t carried out reforms corresponding to those put into place in the European Union.

It was decided that the next ministerial conference would be held in Hong Kong in December 2005.

Additional information: Deputy Director General Jorma Korhonen, tel. +358 9 1605 5501, mobile +358 40 732 4567