BRICS To Implement Global Trade Deal Despite India’s Concerns

The BRICS group of emerging market nations is confident that a global trade reform deal will be implemented in spite of concerns raised by India over its food security, Brazil's Trade Minister Mauro Borges said.

"We are confident that the Bali agreement will be implemented by all," Borges said.

The deal, signed in Bali to reduce trade barriers, was the World Trade Organisation's first global agreement since it was set up in 1995. But India has criticised the deal for putting trade facilitation ahead of a compromise on agricultural subsidies - a significant issue for a country that needs to provide for the poor.

That disagreement over subsidies has led to apprehensions that India would not ratify the pact and derail the latest effort to free up to $1 trillion in global trade flows.

Borges said India's concern for the survival of its agriculture on which millions depend is understandable, but it was not an ‘ultimatum’ against implementing the Bali agreement by the July 31 deadline.

South Africa's Trade Minister Rob Davies said his country had no problem in implementing the trade pact, but it should be balanced by complementary measures to help agriculture in developing nations.

"There has been a perception by many developing countries that there is an inexorable march towards implementation of trade facilitation, but the rest has been left behind. The way to resolve this impasse is not to try to browbeat people to put up their hands and concede, but is actually to address the real concerns and issues that a number of the poorest countries are facing" he said.