The terms ‘Agreement on Agriculture’, ‘Agreement on the Application of Sanitary and Phytosanitary Measures’ and ‘Peace Clause’ appear in the news frequently in the context of the affairs of the:
Explanation
The terms 'Agreement on Agriculture', 'Agreement on the Application of Sanitary and Phytosanitary Measures', and 'Peace Clause' all appear in the context of the affairs of the World Trade Organization (WTO).
Agreement on Agriculture: This agreement regulates trade in agricultural products among WTO member countries. It aims to promote fair trade practices and reduce distortions caused by subsidies and other measures.
Agreement on the Application of Sanitary and Phytosanitary Measures (SPS Agreement): This agreement sets out rules for countries to ensure the safety and quality of food, animals, and plants traded internationally. It helps to prevent the spread of pests and diseases while minimizing unnecessary barriers to trade.
Peace Clause: This provision within the Agreement on Agriculture provides some flexibility for developing countries regarding their agricultural subsidy programs. It allows them to offer certain subsidies to their farmers without facing challenges from other WTO members.