Business

Global Trade Deal Goes Back to Drawing Board

U.S. Secretary of State John Kerry shakes hands with Indian Prime Minister Narendra Modi, as Indian Foreign Minister Sushma Swaraj, right, and U.S. Secretary of Commerce Penny Pritzker stand by their sides at Modi's residence in New Delhi, India, Friday, Aug. 1, 2014. Kerry is on a three-day visit, his first following the resounding election win of Modi in May. (AP Photo/Lucas Jackson, Pool)
U.S. Secretary of State John Kerry shakes hands with Indian Prime Minister Narendra Modi, as Indian Foreign Minister Sushma Swaraj, right, and U.S. Secretary of Commerce Penny Pritzker stand by their sides at Modi’s residence in New Delhi, India, Friday, Aug. 1, 2014. (AP Photo/Lucas Jackson, Pool)

JOHN HEILPRIN, Associated Press

GENEVA (AP) — The World Trade Organization began regrouping Friday to see whether it is still possible to finalize a major deal to boost global trade after a deadline passed to formally adopt it.

The preliminary deal approved by the organization at a WTO summit last December in Bali was estimated to increase world trade by $1 trillion over time. The centerpiece of the eleventh-hour deal was an agreement on measures to ease barriers to trade by simplifying customs procedures and making them more transparent.

But difficult topics of agriculture, market access and services were left unfinished and WTO members had been due to finalize the terms before Friday.

“We have failed because a small number of WTO members sought to reopen and renegotiate the decisions all members had agreed to in Bali,” Australian Trade Minister Andrew Robb said Friday. “This failure is a great blow to the confidence revived in Bali that the WTO can deliver negotiated outcomes.”

“This is a lost opportunity. There are no winners from this outcome — least of all those in developing countries which would see the biggest gains,” he added.

Key disagreements included India’s demand for exemptions to its broad government food subsidies to its farmers and poor consumers that have allegedly undercut fair-market agriculture prices. U.S. Secretary of State John Kerry and Commerce Secretary Penny Pritzker traveled to India where they met Thursday with government officials to try to salvage a deal.

U.S. Trade Representative Michael Froman said the United States “regrets that a handful of members have decided not to adhere to their commitment” to implement the Bali deal. He said the U.S. would talk with trading partners to try to find solutions.

The deadline’s passing left the Geneva-based organization’s 159 member economies scrambling to figure out what they could do next.

“The fact we do not have a conclusion means that we are entering a new phase in our work – a phase which strikes me as being full of uncertainties,” WTO Director-General Roberto Azevedo said in a statement.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Tags
Show More

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *


By submitting this form, you are consenting to receive marketing emails from: Washington Informer Newspaper, 3117 Martin Luther King Jr. Ave SE, Washington, DC, 20032, http://www.washingtoninformer.com. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Back to top button

My News Matters to me - Washington Informer Donations

Be a Part of The Washington Informer Legacy

A donation of your choice empowers our journalists to continue the work to better inform, educate and empower you through technology and resources that you use.

Click Here Today to Support Black Press and be a part of the Legacy!

Subscribe today for free and be the first to have news and information delivered directly to your inbox.

Select list(s) to subscribe to


By submitting this form, you are consenting to receive marketing emails from: Washington Informer Newspaper, 3117 Martin Luther King Jr. Ave SE, Washington, DC, 20032, http://www.washingtoninformer.com. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact
Close

Adblock Detected

Please consider supporting us by disabling your ad blocker