Global Trade Deal Likely To Be Signed As WTO Talks Back On Track

A global trade deal is likely to be signed between India, the United States and the European Union (EU). The US and the EU may accept India's demand of providing some flexibility to developing countries in fixing the minimum support price for certain crops. In return, India will sign the trade deal on easier customs rules.

Praising the efforts of India and the US to end the stalemate, the World Trade Organisation (WTO) director general Roberto Azevedo has expressed hope that talks will be fruitful and help end the deadlock. "The director general was pleased to hear that the dialogue between the US and India had resumed. He hopes that this dialogue will continue and will be fruitful in advancing efforts to resolve the current impasse, but he is not aware that any understanding has been reached as yet," as per a statement issued by WTO.

The tough stand taken by India has plunged the WTO into its worst crisis in two decades. This had led WTO Director General Roberto Azevedo to consider the idea of abandoning the consensus principle on which the organisation works. There was a deadlock after India refused to agree to a trade facilitation agreement, unless its concerns on food security were addressed.