The World Trade Organization (WTO) failed on Thursday to reach a deal to standardize customs rules as India demanded concessions on agricultural stockpiling, Reuters reported.
“We have not been able to find a solution that would allow us to bridge that gap,” WTO Director-General Roberto Azevedo was quoted as saying in Geneva two hours before the final deadline for a deal.
The deadline passed without a breakthrough. In December last year, WTO ministers had agreed on global reform of customs procedures known as “trade facilitation”, but it needed to be put into the WTO rule book by July 31.
Experts had estimated that a deal would add US$1 trillion and 21 million jobs to the world economy, so they were shocked when India unveiled its veto, the report said.
Some nations have discussed a plan to exclude India from the agreement and push ahead regardless, and the International Chamber of Commerce urged officials to “make it happen”, it said.
– Contact us at [email protected]