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BRUSSELS, Nov. 25 (UPI) -- European Union agriculture ministers overturned 40 years of sugar price supports to boost chances current global trade talks will succeed.
Currently, EU producers are paid a price three times the market rate, while imports are limited, the EU said Friday.
The guaranteed price for white sugar will be cut by 36 percent over four years. Farmers will be compensated for, on average, 64.2 percent of the price.
Further, EU member states that give up more than half of their production quota will be entitled to pay an additional compensation of 30 percent of the income loss for five years.
About 100,000 EU jobs are expected to be lost because of the changes.
"I am delighted with this historic agreement," said Mariann Fischer Boel, Commissioner for Agriculture and Rural Development.
The EU's agricultural ministers faced mounting international criticism for the sugar subsidies -- the World Trade Organization ruled it illegal earlier this year following a complaint from Australia, Brazil and Thailand -- and intense domestic pressure from politically powerful farm groups.
"Our new policy will be trade friendly, thus strengthening our hand at next month's WTO Hong Kong Ministerial (meeting)."
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