WTO pact hangs in balance after India blocked the deal
Commerce and industry minister Nirmala Sitharaman (Photo: PTI)
New Delhi: Commerce and industry minister Nirmala Sitharaman on Thursday said that the country’s stand “remains the same” on the trade facilitation agreement in the WTO. This could mean that India has effectively blocked the WTO deal on trade facilitation until and unless some breakthrough is achieved in the negotiations going on in the Geneva. The deadline to sign the deal on trade facilitation agreement to ease custom rules by the WTO members is Thursday. “Our stand remains the same,” said Ms Sitharaman after meeting US commerce secretary Penny Pritzker.
US news agency Bloomberg claims that India wants a provision for the continuation of four-year peace clause if the permanent solution could not be found by 2017. “Indian negotiators are seeking to change the WTO text to ensure that the interim agreement on food subsidies reached in Bali extends beyond 2017 if no permanent solution is reached,” Bloomberg claimed quoting two senior officials in the Indian government.
Last week India has made it clear at the WTO General Council meeting in Geneva that it would not ratify the trade facilitation agreement until a permanent solution is found on the issue of food subsidies to farmers.
( Source : dc correspondent )
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