World Trade Organisation's future in doubt after India blocks trade deal

[KoKo]

World Trade Organisation's future in doubt after India blocks trade deal
Global agreement collapses as Narendra Modi insists on food subsidy and stockpiling concessions for developing countries

The future of the World Trade Organisation has been thrown into doubt after eleventh-hour attempts to salvage a global trade deal collapsed.

Talks broke down after India's refusal to back a deal unless it included concessions allowing developing countries freedom to subsidise and stockpile food.

An agreement on the deal, centred on loosening global customs rules, had been reached in Bali in December, with a deadline of midnight on Thursday to ratify it. But it was scuppered after the WTO's 160 members failed to reach agreement over India's demands.

It would have been the first global trade deal reached by the Geneva-based institution since it was founded almost two decades ago. The last-minute failure to reach agreement prompted questions over the very existence of the WTO and how it will survive the deadlock.

Admitting defeat, Roberto Azevêdo, the director general, was candid about the challenges facing WTO. Despite intense negotiations, disagreement between members had not been resolved, he said.

"We have not been able to find a solution that would allow us to bridge that gap. We tried everything we could. But it has not proved possible," he said. "The fact we do not have a conclusion means that we are entering a new phase in our work – a phase which strikes me as being full of uncertainties."

Speaking about the future of the organisation, Azevêdo said: "What this means for the WTO will be in the hands of the members. I think we should take the time to reflect and come back in September."

http://www.theguardian.com/world/2014/aug/01/wto-future-doubt-india-blocks-deal

[NYC_SKP]

1. Thanks for posting!

I recced it this morning, nice to see ten recs!

I'm recovering well from the surgeries, had the PICC line removed last week.

[L0oniX]

2. K & R

[truedelphi]

3. Meanwhile the USA is setting up an FDA office inside india, probably

Last edited Fri Aug 8, 2014, 09:08 PM - Edit history (1)

to assist Indian officials in "seeing the light" about Gm foods. (I learned this from a friend, who has a family member being sent to India to staff the new FDA office there.)

Ain't it funny how we don't have any money in this country, and are letting our seniors know that they need to face Austerity, yet we can help out Big Corporations by setting up an entire arm of the US government over there in India.