Washington (BBN)-India and the US have resolved their disagreements on food security issues, paving the way for a global trade pact.
The prospect of a global trade deal had faded at a World Trade Organisation (WTO) summit in Indonesia last year, after India said it would not budge on some rules governing food subsidies, reports BBC.
The trade deal had been due to take effect in the middle of next year.
The breakthrough stems from a bilateral summit in September when Prime Minister Narendra Modi visited the US.
Analysts have estimated the global trade deal could add $1tn (£630bn) to the world economy.
US Trade Representative Michael Froman said in a statement: “On the basis of this breakthrough with India, we now look forward to working with all WTO Members and with Director-General Roberto Azevedo to reach a consensus that enables full implementation of all elements of the landmark Bali Package, including the Trade Facilitation Agreement.”
The statement also said Delhi and Washington have agreed that India’s food security programmes would not be challenged under WTO rules “until a permanent solution regarding this issue has been agreed and adopted.”
Saturday, May 08, 2021