06:22 02-10-2014
MAIN Russian
About us On-line subscription
KazakhstanTajikistanUzbekistanKyrgyzstanTurkmenistanWorld
POLITICSBUSINESSINCIDENTSSOCIETYCULTURESPORTANALYSISSCIENCE
India's demands block $1 trillion WTO deal on customs rules

Bishkek (AKIpress) - WTOThe World Trade Organization failed on Thursday to reach a deal to standardise customs rules, which would have been the first global trade reform in two decades but was blocked by India's demands for concessions on agricultural stockpiling.

"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, Reuters said.

"Of course it is true that everything remains in play until midnight, but at present there is no workable solution on the table, and I have no indication that one will be forthcoming."

The deadline passed without a breakthrough. WTO ministers had already agreed the global reform of customs procedures known as "trade facilitation" last December, but it needed to be put into the WTO rule book by July 31.

Most diplomats saw that as rubber-stamping 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, so they were shocked when India unveiled its veto.

Trade experts say Thursday's failure is likely to end the era of trying to cobble together global trade agreements and to accelerate efforts by smaller groups of like-minded nations to liberalise trade among themselves. India has been vocal in opposing such moves, making its veto even more surprising.


Twitterfacebookprint
14:06 01.08.2014
LATEST NEWS
17:36 Turkey mulls military action against Islamic State17:35 Kyrgyzexpocenter, Exhibition Division of Sughd region to cooperate in organization of fairs, trade missions17:34 Tashkent hosts exhibition "National Clothing of Uzbeks: Yesterday and Today"17:31 Kyrgyz Armed Forces participate in 7 international exercises YTD – General Staff17:29 Russia's guard ships to visit Aktau seaport of Kazakhstan for drills17:27 Iran's Mazandaran Province, Issyk-Kul region to establish twin-region relations17:23 Russian Parliament's upper house ratifies Eurasian Economic Union Treaty17:20 Kyrgyzstan, Kazakhstan discuss crude oil supplies for oil refineries in Kyrgyzstan17:14 Annual fair dedicated to Day of Older Persons takes place in Bishkek17:10 Asian Games: 2 Kazakh female athletes win gold medals on Oct 117:00 96 suicide facts among children registered for 9 months of 201317:00 Tajikistan introduces restrictions in electricity supply in order to conserve water in Nurek dam16:55 CIS foreign direct investments reduce by $5.5 bln – Eurasian Development Bank report16:41 338 child rape cases revealed in 201316:38 Bodies found on Japan volcano, raising toll to 4816:33 Pensions for senior citizens to grow in Kazakhstan – Health Ministry16:33 Artisans ask Central Asian leaders to pay attention to handicraft sector development16:23 Inflation in Kazakhstan in September equals 0.5%16:19 818 crimes against children registered in Kyrgyzstan for 9 months16:06 Number of pensioners to reach 19.4% of population in Uzbekistan by 2050
Astana
+13° C
Ashgabat
+27° C
Bishkek
+14° C
Dushanbe
+25° C
Tashkent
+23° C
exchange rates
 
68.89
54.40
8.82
1.38
229.74
181.90
29.63
4.62
6.33
5.00
0.81
0.13
3122.57
2363.47
385.06
61.53
3.59
2.85
0.46
0.07

© AKIpress News Agency - 2001-2014
Use of the AKIpress.com materials must be accompanied by a hyperlink to www.akipress.com
Our address:
Moskovskaya str. 189, Bishkek, the Kyrgyz Republic
e-mail: english@akipress.org, akipressenglish@gmail.com;
Tel/Fax: +996(312)90-07-75