Trade agreement at a glance

The draft framework agreed by members of the World Trade Organisation on Sunday sets out principles for a legally binding treaty to liberalize international trade.

These are the key commitments of the framework.

Agriculture

• Subsidy caps to be reduced by 20% in first year of agreement

• 5% cap on subsidies which limit production

• Export subsidies to be eliminated

• Export credit guarantees - with repayment periods longer than 180 days - to be eliminated

• Work towards eliminating trade-distorting practices in food aid and state-run export boards

• Highest tariffs to be reduced the furthest, using an unspecified formula

• Cotton industry issues to be tackled separately within negotiations

• Developing countries to be given longer to implement tariff reduction

• Least-developed countries to be exempt from tariff reduction, but must substantially increase level of binding commitments regarding future cuts

Industrial products [issues not yet agreed upon]

• Tariffs to be reduced below a maximum ceiling, based on a future formula

• Some tariffs to be eliminated or brought to fixed levels

Services

• Countries must submit offers to liberalize their service industries as soon as possible

• No service sector should be excluded from liberalization

• It should be made easier for people to work abroad

• Special attention to be given to sectors of export interest to developing countries

Trade facilitation

• Members must agree to improve co-operation between customs authorities and to start negotiations on "further expediting the movement, release and clearance of goods, including goods in transit"