India glad WTO back on track
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
