OECD will study a further two weeks for agreed subsidy draft

OECD will study a further two weeks for agreed subsidy draft

The OECD meetings of the last week have been completed with decisions to further study on outlining a more improved draft agreement aiming to get under control and eventually eliminate the steel subsidies worldwide. The request made by the developing countries, mainly India, Egypt, Argentina and Brazil to be granted certain flexibility are going to be taken into consideration. Furthermore, outstanding issues including the EU requests for exceptions to cover government support for research and development, environmental protection and partial plant closures will also be considered. The OECD delegates intend to have an agreed text ready for the WTO global trade talks to be held in Cancun, Mexico in September. The next meeting scheduled to take place is on July 16-18. If no deal is reached by then, the delegates are aiming to continue talks to have the agreement by the end of the year.