Tough Indian Stance on Global Trade Pact

Times of india
Efforts to assuage Indian concerns about a landmark global trade pact appear to have failed sources involved in the discussions said, setting off a frantic rush to win its support before a Thursday deadline.
India is the most prominent of a group of developing nations angry with rich countries for failing to address their concerns about a deal on trade facilitation struck by World Trade Organisatiom member states in Bali, Indonesia, last year.
Proponents believe the deal could add $1 trillion to global gross domestic product and 21 million jobs by slashing red tape and streamlining customs, eliminating delays at the border that can often cost more than tariffs themselves.
A failure could prove disastrous for the moribund World Trade Organization (WTO) and the system of global free trade deals it underpins.
As late as Sunday, hopes were high that publicly addressing Indian concerns during a G20 trade ministers meeting in Sydney would give it a face-saving path towards reaffirming its assent before the July 31 deadline.
In principle, the WTO could pass the agreement on the basis of a qualified majority, but experts say that would be unprecedented and virtually impossible in an organisation that operates on consensus.
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