Connect with us

Hi, what are you looking for?


India, US breakthrough breathes ‘new life’ into trade talks



BRISBANE, November 14- World Trade Organization Secretary General Roberto Azevedo on Friday said recent developments including the resolution by India and the United States of a row over food subsidies had revived the organisation.

“I commend the leadership that has been shown on all fronts in recent days, it certainly has breathed new life into the WTO,” he told reporters at the G20 in Brisbane.

India and the United States said Thursday they have resolved a row over food subsidies that had been blocking a landmark global trade pact for months.

The Trade Facilitation Agreement (TFA) has been stalled since July, when India refused to endorse it unless its food stockpiles were exempted from possible punitive measures, prompting the US to accuse it of taking the WTO “to the brink of crisis”.

Azevedo, in Australia for the weekend G20 talks, welcomed the development, adding he felt there was high probability that the Bali package would be implemented soon.

The draft of the so called Trade Facilitation Agreement was hammered out last December during tough negotiations at a World Trade Organization conference in Bali — the WTO’s first global accord since its 1995 founding.

But the WTO’s 160 members failed in July to reach a final agreement on the deal, which Azevedo himself has said is crucial to ensuring the WTO’s relevance.

“Yesterday I received very positive news that the US and India had reached an understanding that will help us overcome the stalemate,” he said Friday.

“I strongly welcome this development and I applaud the leadership that has been been shown by India and US to move the process forward.”

Advertisement. Scroll to continue reading.
Click to comment

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...


NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...


NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...


NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...


NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...