Trade/WTO: EU, U.S. and Japan agree on new ways to strengthen global rules on industrial subsidies
In a Joint Statement issued today, representatives of the European Union, the United States and Japan announced their agreement to strengthen existing rules on industrial subsidies and condemned forced technology transfers practices.
In a meeting held in Washington, D.C., the EU, the U.S. and Japan agreed that the current list of subsidies prohibited under the World Trade Organization's (WTO) rules is insuffiecient to tacke market and trade distorting subsidisation existing in certain jurisdictions. They concluded therefore that new types of unconditionally prohibited subsidies have to be added to the WTO Agreement on Subsidies and Countervailing Measures.