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India glad WTO back on track

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India glad WTO back on track

After tortuous negotiations spread over six days, a compromise trade deal was clinched among the World Trade Organisation’s 150 members at a late-night session on Sunday.

Violent protests by opponents of trade reforms and grumbling by poor countries notwithstanding, the ministers resolved to finalise the modalities for a new trade deal in the next six months. The signal: trade reforms worldwide are on track.

The deal gives rich countries an eight-year time frame to end export subsidies. Accordingly, the likes of the US, the EU and Japan will phase out such subsidies by 2013. The G-110, led by India and Brazil, wanted these subsidies removed by 2010.

More: hindustantimes.com

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