Briefly elaborate different types of agricultural production subsidies given by World Trade Organization (WTO).

The World Trade Organization (WTO) regulates agricultural subsidies through specific agreements, aiming to promote fair trade practices and prevent distortions in global agricultural markets. The types of agricultural production subsidies recognized by the WTO include:

1. Domestic Support: This includes:

   • Amber Box Subsidies: Direct payments or price supports that distort production and trade, subject to reduction commitments.
   • Blue Box Subsidies: Production-limiting subsidies deemed less trade-distorting, such as payments based on fixed areas or yields.
   • Green Box Subsidies: Non-trade-distorting subsidies that promote rural development, environmental protection, or food security.

2. Export Subsidies: Financial assistance provided directly to producers or exporters to lower the cost of exported agricultural products, subject to reduction commitments.

3. Market Price Support: Government intervention to maintain domestic prices above world market levels, often through purchases of surplus production.

These subsidies are subject to limitations and reduction commitments to minimize their negative impact on global trade and ensure fair competition. WTO agreements aim to promote transparent and disciplined use of agricultural subsidies while fostering sustainable development and food security.