Tough Indian stance taking global trade pact down to the wire

SYDNEY, July 21 (Reuters): Efforts to assuage Indian concerns about a landmark global trade pact appear to have failed, sources involved in the discussions said on Monday, setting off a frantic rush to win its support before a Thursday deadline.

India is the most prominent of a group of developing nations angry with rich countries for failing to address their concerns about a deal on trade facilitation struck by WTO member states in Bali, Indonesia, last year.

Proponents believe the deal could add $1 trillion to global gross domestic product and 21 million jobs by slashing red tape and streamlining customs, eliminating delays at the border that can often cost more than tariffs themselves.

A failure could prove disastrous for the moribund World Trade Organization (WTO) and the system of global free trade deals it underpins.