European Union negotiators agreed on the bloc’s future common agricultural policy, after two years of discussions on how to spend what may total 373.2 billion euros ($485 billion) over seven years. The new policy will cut some subsidies in the 27-nation bloc and tie others to environmental measures, the European Commission, the EU’s executive arm, wrote in an e-mailed statement today. A plan by farm ministers to trim payments above 150,000 euros for a single farm was left out of final talks as there was no consensus, Paolo De Castro, chairman of the European Parliament’s agriculture committee, said at a news conference in Brussels yesterday.
The EU’s common agricultural policy sets the direction from 2014 to 2020 for farmers who produce 20 percent of the world’s wheat, milk and pork, 11 percent of its sugar and beef and account for 30 percent of global cheese exports. Agriculture would make up 39 percent of the EU’s total budget of 960 billion euros proposed for 2014-2020.
Read more: EU Reaches Deal Reshaping Bloc’s Farm Policy in Next 7 Years (1) - Businessweek
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