Economy

xchrom

(108,903 posts)

19. Disappointment, uncertainty after India blocks WTO trade deal

Fri Aug 1, 2014, 07:41 AM

Aug 2014

http://uk.reuters.com/article/2014/08/01/uk-india-trade-wto-idUKKBN0G130E20140801

(Reuters) - Several member states of the World Trade Organisation voiced frustration after India's demands for concessions on agricultural stockpiling led to the collapse of the first major global trade reform pact in two decades.

WTO ministers had already agreed the global reform of customs procedures known as "trade facilitation" in Bali, Indonesia, last December, but were unable to overcome last minute Indian objections and get it into the WTO rule book by the July 31 deadline.

"We have not been able to find a solution that would allow us to bridge that gap," WTO Director-General Roberto Azevedo told trade diplomats in Geneva, just two hours before the final deadline for a deal lapsed at midnight (2300 London time Thursday).

Most diplomats had expected the pact to be rubber-stamped this week, marking a unique success in the WTO's 19-year history which according to some estimates would add $1 trillion and 21 million jobs to the world economy.

Edit history

Please sign in to view edit histories.

Recommendations

0 members have recommended this reply (displayed in chronological order):

39 replies

= new reply since forum marked as read

Highlight:

STOCK MARKET WATCH -- Friday, 1 August 2014 [View all] Tansy_Gold Jul 2014 OP

Congress delayed their 5 week vacation! Demeter Jul 2014 #1

Markets Are Getting Crushed xchrom Aug 2014 #2

The 10 Most Important Things In The World Right Now xchrom Aug 2014 #3

The Pace Of Manufacturing In Europe Is Sitting At A 7-Month Low xchrom Aug 2014 #4

RBS Warns About The Impact Of Scottish Independence On Business xchrom Aug 2014 #5

Japan's Top Central Banker Is Committed To Achieving 2% Inflation Year After Year After Year xchrom Aug 2014 #6

MORGAN STANLEY: Russia Could Cut Off Gas To Europe xchrom Aug 2014 #7

Investors Are Descending Into The Five Circles Of Bond Hell xchrom Aug 2014 #8

CHARTS: Americans Are Seriously Unprepared For Emergencies xchrom Aug 2014 #9

You can't save what Multinational Inc won't pay you! Demeter Aug 2014 #27

+ 100000 antigop Aug 2014 #37

AS US JOB MARKET STRENGTHENS, MANY DON'T FEEL IT xchrom Aug 2014 #10

Lookin good for the 1% DemReadingDU Aug 2014 #26

Second that! Demeter Aug 2014 #28

2nd that (n/t) bread_and_roses Aug 2014 #30

GLOBAL TRADE DEAL GOES BACK TO DRAWING BOARD xchrom Aug 2014 #11

STEELMAKER ARCELORMITTAL SEES US, EUROPE IMPROVING xchrom Aug 2014 #12

FOR SALE: A NEARLY NONEXISTENT INSURANCE AGENCY xchrom Aug 2014 #13

JAPAN NAMES 5 DISPUTED ISLETS IN EAST CHINA SEA xchrom Aug 2014 #14

RBS places restrictions on lending in Russia xchrom Aug 2014 #15

FTSE hit by falls at banks and miners xchrom Aug 2014 #16

Europe's investment banks resilient in retreat xchrom Aug 2014 #17

Banks to return 3 billion euros in crisis loans to ECB next week xchrom Aug 2014 #18

Disappointment, uncertainty after India blocks WTO trade deal xchrom Aug 2014 #19

Decline in Food Stamps Shows Low-Income Relief: EcoPulse xchrom Aug 2014 #20

and maybe they are so hard and humiliating to get ... bread_and_roses Aug 2014 #31

that thought crossed my mind as well. nt xchrom Aug 2014 #34

Or, it could be a sign of State rationing of food stamps Demeter Aug 2014 #35

+1 to every post here. kickysnana Aug 2014 #39

Argentina Debt Dilemma Spotlights Knotted World of Default Swaps xchrom Aug 2014 #21

SocGen Net Rises on Investment Bank, Lower Loan Losse xchrom Aug 2014 #22

Banks Aren't Too Big to Fail Unless They Fail xchrom Aug 2014 #23

Noish? How about a little honesty? Demeter Aug 2014 #36

Espirito Santo Family�s Swift Fall From Grace Jolts Portugal xchrom Aug 2014 #24

Falling Wages in Southern EU Vex Draghi as Youth Punished xchrom Aug 2014 #25

The republicans are at odds with each other.... Hotler Aug 2014 #29

It's a delightful trainwreck, isn't it? Tansy_Gold Aug 2014 #32

"clawing at the dirt with their bare hands." That's funny n/t Hotler Aug 2014 #33

I've got vodka to go with it. Fuddnik Aug 2014 #38