2012News

WTO grants another extension to free zones

The World Trade Organization (WTO) Committee on Subsidies and Countervailing Measures has announced a final extension to the transitional period for the removal of tax-based export subsidy programs by 19 developing countries. The latest decision grants a final extension until the end of 2013, with a final phase-out period of two years, requiring that the territories fully revoke the trade measures no later than 31 December 2015. The extension benefits free trade zones in the Dominican Republic. Developing countries are being told to wind up their tax schemes.