GENEVA (Reuters) – At the start of Thursday, the World Trade Organization stopped negotiating agreements on food security, fishing, and vaccinations. There was no sign that efforts to get India to change its mind had been successful.
This week marks the first time in more than four years that ministers from more than 100 nations are gathering at the global trade watchdog’s offices in Geneva to hammer out new trade regulations – an accomplishment many doubt in an era of rising geopolitical tensions.
New global trade regulations must be approved by all 164 members of the body. Therefore, a single member can veto an agreement.
India was the only member in this week’s June 12–15 meeting that lasted until Thursday afternoon. Trade experts say that New Delhi, which has a history of getting in the way of multilateral talks, has stuck to its long-held demands to keep subsidies for fisheries and agriculture and has pushed for more carve-outs.
The words spoken by Indian Commerce Minister Piyush Goyal validated these demands.
“India is a strong advocate for its position at the WTO.”
“To safeguard the future of every Indian and the disadvantaged” “He stated this via Twitter: (NYSE: TWTR).
See this link for a factbox on the WTO negotiations:
Delegates, including U.S. Trade Representative Katherine Tai, spent the majority of the night attempting to reach deals in the so-called ‘Green Room‘ of the WTO. She posted a photo of Lake Geneva at sunrise on Twitter, but did not provide an update on the negotiations. The resumption of negotiations is expected at 0700 GMT, according to trade sources.
A source participating in the negotiations stated that ministers would be presented with a partial fishing agreement that falls “far short” of earlier versions at that time.
Throughout the sessions, WTO officials have said that agreements are possible, saying that negotiations often look hopeless until a final agreement is reached.
Observers were dissatisfied with the procedure.
“The ministerial (conference) exposed the growing dysfunction that impedes collective action at the WTO,” said Jake Colvin, president of the National Foreign Trade Council, who added that members should not reward “obstructionism.”
