Reklam
Reklam
Reklam
Reklam
Reklam

India to decide to what trade promises it made in Bali it intends to keep

INDIA said it will decide to what degree it will adhere to its Bali trade commitments as its new government in Delhi makes clear that it never agreed with the WTO accords signed by the old government last year.

India to decide to what trade promises it made in Bali it intends to keep
23 July 2014 - 21:06

India to decide to what trade promises it made in Bali it intends to keep

INDIA said it will decide to what degree it will adhere to its Bali trade commitments as its new government in Delhi makes clear that it never agreed with the WTO accords signed by the old government last year.

While in opposition, newly elected Prime Minister Narendra Modi's pro-business, nationalist party opposed the Bali deal, saying it was skewed in favour of developed nations, Reuters reports.

Nonetheless, the new Indian government said it would decide whether to comply with the trade facilitation commitments before the July 31 deadline to which other World Trade Organisation partners are committed. 

"A failure could prove disastrous for the moribund WTO and the system of global free trade deals it underpins," said Reuters.

India wants a change in WTO rules regarding its roughly US$12 billion annual food subsidies, and is worried that the agreement as it stands does too little to guarantee its continuance.

Several African nations are worried the deal will expose them to a flood of imports from developed countries, and want concrete assurances they will get something in return.

Since Bali, WTO discussions have focused on trade facilitation with no talks on the subsidy issue. The Bali deal was only reached after India won promises that its food subsidy issue would be addressed. 

India stockpiles food for the poor, this risks distorting trade. In Bali, WTO members agreed to give India a pass on stockpiling until 2017, while negotiating a permanent solution.

This news 12231 hits received.

COMMENTS

  • 0 Comment