Japan, U.S., EU Propose New WTO Subsidy Rules
Newsfrom JapanEconomy Politics
Washington, Jan. 14 (Jiji Press)--Japan, the United States and the European Union on Tuesday proposed expanding a ban on market-distorting subsidies under World Trade Organization rules, a measure apparently targeted at China.
The three economies hope to win support for the proposal from a wide range of WTO members toward a ministerial meeting of the global trade governing body in June, officials said.
The proposal was agreed at a meeting of Japanese trade minister Hiroshi Kajiyama, U.S. Trade Representative Robert Lighthizer and European Commissioner for Trade Phil Hogan.
"We've adjusted our views and agreed that we'll make something sturdy, not a product of compromise," Kajiyama told reporters after the meeting.
In a joint statement released after the session, the three economies said without mentioning China that the existing WTO rules are "insufficient" to tackle market-distorting industrial subsidies in some economies.
[Copyright The Jiji Press, Ltd.]