WTO fails to agree key trade deal

Tags: News
The World Trade Organization has said its 160 members had failed to agree a landmark global customs pact in a move the US said left the body on "uncertain new ground".

"We have not been able to find a solution that would allow us to bridge the gap," WTO director-general Roberto Azevedo said in a statement after the passing of a July 31 deadline for the deal.

A draft of the so-called Trade Facilitation Agreement, which would streamline global customs procedures, was agreed at a Bali conference in December last year and was meant to be finalised this month.

But rifts between members, particularly over demands from India that the world body gives the green light to the developing power's stockpiling of food, had threatened to scuttle the long-sought deal.

Azevedo urged members "to reflect long and hard on the ramifications of this setback".

US ambassador to the WTO Michael Punke said the failure to agree a deal "has put this institution on very uncertain new ground."

"We are obviously sad and disappointed that a very small handful of countries were unwilling to keep their commitments from the December conference in Bali," he said after the meeting in Geneva.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.
Image CAPTCHA
Copy the characters (respecting upper/lower case) from the image.

EDITORIAL OF THE DAY

  • Government must give up majority ownership in loss making PSU banks

    After four years of braving economic slowdown and provisioning for rising non performing assets (NPAs), public sector banks are in urgent of capital.

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

Sarthak Raychaudhuri

vice-president, HR, Asia South Whirlpool of India

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

TODAY'S COLUMNS

BK Chaturvedi

Cooperative federalism and governance

Improving relations between the states and the Centre to improve ...

Kuruvilla Pandikattu SJ

Reason drives religion, science

Both religion and science are driven by reason, claims Rama ...

Gautam Gupta

Retailers have it tough, thanks to e-commerce

For the past few months our focus has been on ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture