Failure to reach a global customs rules deal could have a "considerable impact" on other areas of global trade negotiation, World Trade Organization Director-General Roberto Azevedo said on Monday during a visit to Mexico.
India is willing to sign a global trade deal, which it has torpedoed, if other World Trade Organization members can agree to its parallel demand for concessions on stockpiling food, senior officials in New Delhi said.
The 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.
India has threatened to block a worldwide reform of custom rules, which some estimates say could add $1 trillion to the global economy and create 21 million jobs, prompting a US warning that its demands could kill global trade reform efforts.
The World Trade Organization slightly raised its 2014 forecast for growth in global goods trade to 4.7 per cent on Monday, saying it did not expect a return to the historical trend level of 5.3 per cent until 2015.
"If GDP fo
The "changing balance of power in the multilateral trading system" was the theme of high-level discussions that concluded in Bahrain yesterday.
Organised by Bahrain-based International Institute for Strategic Studies (II
The UAE was the 15th biggest importer of food trade in 2012, with imports worth $16 billion, constituting 1.1 per cent of the world’s imports, a report said.
The annual percentage increase in imports of food into the UAE in
The value of UAE clothing imports was $960 million last year, said an industry expert, citing the International Trade Statistics 2013 report published by World Trade Organization (WTO).
“This figure shows the UAE’s ris
Divisions over food subsidies widened among members of the World Trade Organization (WTO) on Thursday, making it unlikely a landmark trade deal could be reached with just a day left to the end of talks.
After 12 years of fruitless
Ethiopia expects to join the World Trade Organisation in 2015 without heeding to demands that it liberalises its state-run banking and telecoms sectors, the Foreign Ministry said on Wednesday.
The Horn of Africa nation applied to