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India Lashes WTO, Defends Decision on Failed Trade Deal

Posted August 06, 2014

Under Economic Issues, International Trade Issues

(Agence France Presse)

India defended on Tuesday its scuttling of a landmark worldwide trade deal, saying it needed to take a tough stand at the WTO to ensure survival of its impoverished farmers. Trade Minister Nirmala Sitharaman also lashed out at the World Trade Organization (WTO), accusing it of foot-dragging on negotiations to approve India’s stockpiling of food.

India’s new right-wing government last week refused to ratify the long-sought global deal on streamlining customs rules, despite WTO members agreeing to the accord at a meeting in Bali last year.

The Trade Facilitation Agreement, the first big global trade reform in years, needs the agreement of all 160 WTO members. Read more here.