WTO: Failure on customs deal will have considerable impacts
In case of failing to conclude to a global customs rules deal, could lead to “considerable impact” on other areas of global trade negotiation, according to Roberto Azevedo, WTO Director.
India has torpedoed a deal to simplify, standardize and streamline the rules for shipping goods across borders, known as “trade facilitation”, after it demanded concessions on agricultural stockpiling.
India insisted that, in exchange for signing the trade facilitation agreement, it must see more progress on a parallel pact giving it more freedom to subsidize and stockpile food grains than is allowed by WTO rules.
India’s government argued last week it believed it could convince other members that its need for more freedom on food subsidies was legitimate, and has said it could sign a deal as early as September if its concerns are addressed.
Source: ibtimes
