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.
Tough Indian stance taking global trade pact down to the wire
FE Team | Published: July 22, 2014 00:00:00 | Updated: November 30, 2026 06:01:00
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