India blocks WTO deal

India blocked an agreement on new global customs rules on Thursday, angering fellow members of the World Trade Organisation who say Delhi’s veto could be costly, economically and politically. At a meeting in Geneva, diplomats from the 160 WTO member countries were supposed to rubber stamp a deal on ‘trade facilitation’ that was agreed at talks in Indinesia’s Bali last December. Some estimates say it could add $ 1 trillion to the world economy and create 21 million jobs. But India said it would veto the agreement until it gets what it wants in a separate area linked to its system of subsidising and stockpiling crops. Several countries issued statements saying that a failure to agree the deal would be a massive blow to the WTO, which is trying to emerge from a decade of failed negotiations on further liberalising global trade. WTO Director General Roberto Azevedo said talks were ongoing to try to resolve the problem before a deadline of July 31, according to Reuters.