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The <keyword id="175259" type="ORGANIZATION" weightage="100" keywordseo="Brics">BRICS</keyword> group of emerging market nations is confident that a global trade reform deal will be implemented in spite of concerns raised by <keyword id="3658" type="COUNTRY" weightage="100" keywordseo="India">India</keyword> over its food security, <keyword id="6355226" type="COUNTRY" weightage="100" keywordseo="Brazil">Brazil</keyword>'s Trade Minister <keyword id="2420015" type="UNKNOWN" weightage="100" keywordseo="Mauro-Borges">Mauro Borges</keyword> 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.

BRICS To Implement Global Trade Deal Despite
India’s Concerns

Several members of the <keyword id="84934" type="ORGANIZATION" weightage="100" keywordseo="World-Trade-Organisation">World Trade Organisation</keyword> were annoyed after India's demands for concessions on agricultural stockpiling led to the failure of the first major global trade reform pact in two decades. 
 
"We have not been able to find a solution that would allow us to bridge that gap," WTO Director General Roberto Azevedo said in Geneva. 
Most diplomats had expected the pact to be rubber-stamped this week, marking a unique success in the WTO's 19-year history, which as per estimates, would add $1 trillion and 21 million jobs. They were anguished when India exercised its veto and the failure drew severe criticism. 
 
"Australia is deeply disappointed that it has not been possible to meet the deadline. This failure is a great blow to the confidence revived in Bali that the WTO can deliver negotiated outcomes," Australian Trade Minister Andrew Robb said. "There are no winners from this outcome - least of all those in developing countries which would see the biggest gains."

WTO Talks Fail As India Remains Adamant

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">REUTERS/Edgar SuIndia's trade minister Anand Sharma speaks about food security during a news conference at the ninth World Trade Organization (WTO) Ministerial Conference in Nusa Dua, on the Indonesian resort island of Bali December 5, 2013. </div></div></div>GENEVA/NUSA DUA, Indonesia (Reuters) - The first global trade reform since the creation of the World Trade Organization is ready for agreement by ministers from the body's 159 member countries later on Friday, sources involved in the talks said.
WTO Director-General Roberto Azevedo has drafted a text that he will submit to the full membership, signaling that he believes he has found terms that are acceptable to all members, including India which had raised vocal objections over agriculture.
Barring any last-minute veto, the deal aims to slash red tape at customs around the world, give improved terms of trade to the poorest countries, and allow developing countries to skirt the normal rules on farm subsidies if they are trying to feed the poor.
It would also revive confidence in the WTO's ability to negotiate global trade deals, after a string of failures that left the body at risk of sliding into irrelevance.
"We are very close," WTO spokesman Keith Rockwell told reporters at the meeting on the Indonesian resort island of Bali. "As things stand now, the prospects are promising."
Just a day earlier, a deal that would add hundreds of billions of dollars to the world economy by some estimates teetered on the brink of collapse.
In an organization based on consensus among all of its members, attention focused squarely on India as the main stumbling block to the WTO's first global trade deal in two decades.
India has insisted it would not compromise on a policy of subsidizing food for hundreds of millions of poor, putting it at odds with the United States and other developed countries.
Azevedo, a former Brazilian trade negotiator, told delegates at the start of the last day of talks that there was more work to be done, but sounded upbeat on prospects for success.
"He told members they were now very close to something that has eluded us for many years and that the decisions over the next few hours would have great significance beyond this day," the spokesman said.
It is 12 years since the WTO launched the Doha Round, which failed to yield concrete results, and many experts had warned that failure in Bali would leave regional and bilateral trade arrangements as the only avenue for trade reform, dividing the world and reversing the globalizing goal of the WTO.
A Bali trade deal, which is far less ambitious than the Doha Round had aimed for up until two years ago, would open the way to much wider trade reforms and enable the body to modernize its rules for the internet era.
The "all or nothing" agreement covers several areas, the largest of which is trade facilitation - a global standardization and simplification of customs procedures that would tear down barriers to cross-border movement of goods.
The deal also includes limited reforms in agriculture, including reducing export subsidies, opening borders to least developed countries, and the food subsidy policy championed by India, which proved the biggest obstacle.
<h3>SEEKING JUSTICE FOR THE POOR</h3>
India, whose government faces the risk of losing elections next year, has said its tough stance drew support from developing countries in Asia, Africa and South America, though the meeting's host, Indonesia, pressed for it to soften its stand.
"We are trying to get justice for the poor people," Indian Trade Minister Anand Sharma told reporters as he entered the final day of the meeting.
India will next year fully implement a welfare program to provide cheap food to 800 million people that it fears will contravene WTO rules curbing farm subsidies to 10 percent of production.
The program, which relies on large-scale stockpiling and purchases at minimum prices, is a central plank of the government's bid to win a third term in office next year.
A proposal led by the United States offered to waive the 10 percent rule until 2017. But India has rejected it, demanding the exemptions continue indefinitely until a solution is found.
If talks were to fail, the WTO may see its role eroded by regional trade pacts now being negotiated, such as the U.S.-led 12-nation Trans-Pacific Partnership and a U.S.-EU tie-up known as the TTP.
Ministers in the TPP are expected to meet in Singapore shortly after the WTO meeting in the hopes of reaching a free trade pact by the end of this year.
(Editing by Jonathan Thatcher and Simon Cameron-Moore)

First Trade Reform In History Of The World Trade Organization Is Ready For Approval

<keyword id="6354248" type="CITY" weightage="100" keywordseo="Videocon">Videocon</keyword> Telecom Ltd (VTL) is selling 5 MHz of 1800 MHz <keyword id="6359803" type="ORGANIZATION" weightage="100" keywordseo="spectrum">spectrum</keyword> each in UP-West and Gujarat circles to <keyword id="6354924" type="PERSON" weightage="100" keywordseo="Idea-Cellular">Idea Cellular</keyword> for Rs Rs 3310 crore through a spectrum trading pact, the company announced Tuesday. 
 
Videocon Telecom holds liberalized and contiguous 1800 MHz spectrum in UP-East, UP-West, Bihar, Gujarat, MP and Haryana, which can ideally be used to offer 4G services. The telco was scouting for partners to trade its 4G airwaves in its lower scale operation circles such as UP-East, UP-West and Bihar. 
 
"We are pleased to get very good partner for this deal, and I am sure that this will go a long way to strengthen our telecom business," Videocon Group chairman Venugopal Dhoot said in a media statement Tuesday. 
 
Arvind Bali, Director and CEO, Videocon Telecom said the company has exercised the first Spectrum trading option for our UPW and Gujarat cirles post announcement of Spectrum trading policy. "UPE, UPW &amp; Bihar are our low operation circles, and we were looking at exercising Spectrum Trading options". 
 
These 3 circles account for approx 30% of the country's population &amp; have a low teledensity (approx 53% in UPE &amp; Bihar), hence very high potential. 
 This marks the first of a string of upcoming moves by Videocon to monetise and restructure the group's telecom assets and raise over Rs 14,000 crore ($2 billion) over the next two years through sale of assets and rights transfers and raising of capital through joint ventures and financial strategic partners in the non-spectrum associated business verticals such as ILD/NLD, <keyword id="17591" type="TECHNOLOGY" weightage="100" keywordseo="Broadband">broadband</keyword> and emerging telecom infrastructure businesses. 
 
According to Videocon, the value of 1800 MHz spectrum is pegged at roughly 65% to 70% of the 900 Mhz spectrum, which makes the total value of the spectrum in its six circles roughly Rs 10,050 crore. 
 
(Image credit: Thomson Reuters)

Videocon Telecom to sell spectrum to Idea Cellular in 2 circles for Rs 3310 crore

<div class="KonaFilter image-container float_right"><div class="image on-image">Mast Irham/POOL/AFPRussia's President Vladimir Putin (left) talks to <keyword id="1334" type="COUNTRY" weightage="60" keywordseo="China">China</keyword>'s President Xi Jinping (right) as they arrive for a retreat session at the Asia-Pacific Economic Cooperation summit in Nusa Dua on the Indonesian resort island of Bali on October 7, 2013.</div></div>China took centre-stage on Monday as Asia-Pacific leaders opened an annual economic summit in the shadow of global growth clouds that are darkening by the day with the US government paralysed by infighting.
The US federal shutdown has stopped President Barack Obama from attending the two-day Asia-Pacific Economic Cooperation (APEC) summit on the Indonesian island of Bali, and another summit this week of East Asian leaders in Brunei.
US Secretary of State John Kerry stressed anew Obama's determination to remain engaged with the Pacific Rim region, but his absence has left the arena clear for the leader of one-party China to trumpet the mounting heft of the world's second largest economy.
Interviewed by the Jakarta Post, President Xi Jinping said the "world economy has entered a period of deep readjustment" but China was ready to lead the way to a brighter day as part of "the world's most dynamic and most promising region".
The communist leader has been touring Southeast Asia, where there is much disquiet about China's territorial ambitions, and also touted the benefits of free trade pacts after securing commercial deals worth tens of billions of dollars in Indonesia and Malaysia.
China is involved in talks on a trade agreement grouping 16 East Asian nations just as Washington's rival "Trans-Pacific Partnership" (TPP) of 12 countries appears to be running into trouble.
While sympathetic to Obama's political plight, the leaders of US allies in APEC such as Singapore expressed disappointment that he had been unable to throw his presidential weight personally behind the TPP and Washington's stop-start "pivot" towards Asia.
Foreign friends and rivals alike, as well as financial markets, are worried by a threat bigger even than the shutdown: the possibility that the US government might default on its colossal debts unless Congress raises the federal borrowing limit by October 17.
An unprecedented default by the holder of the world's reserve currency would affect "the entire planet, and not just those countries with a strong geographical and economic linkage to the US", Mexican President Enrique Pena Nieto said at an APEC business summit.
Russian President Vladimir Putin expressed similar sentiments to the business leaders gathered for the event.
"The dollar of the United States is still the biggest reserve currency in the world, so it is of utmost importance to all of us," he said."
But Kerry, taking Obama's place at APEC, said the president's epic tussle with the Republicans was merely "a moment in politics" that did not deflect the United States from its strategic goals.
"I want to emphasise that there is nothing that will shake the commitment of the rebalance to Asia that President Obama is leading," Kerry told the business forum.
The United States is stumbling politically at a moment when, according to a statement by APEC foreign and trade ministers, the world economy can ill afford more instability following the 2008 financial crisis.
Previewing Tuesday's final summit declaration in Bali, the ministers said that "global growth is too weak, risks remain tilted to the downside, and the economic outlook suggests growth is likely to be slower and less balanced than desired".
Before he called off his foreign travel, Obama intended to throw his presidential weight behind a top-level round of talks among the TPP countries in Bali on Tuesday.
But doubts about the TPP are gathering pace, and also about Obama's vaunted "pivot".
Attending APEC "would have been a golden opportunity for America and President Obama himself to show leadership in that context of the new emphasis towards Asia", Malaysian Prime Minister Najib Razak said.
Obama was also forced to cancel visits to Malaysia and the Philippines due to the shutdown.
The perennial disputes that hobble all trade agreements, such as market access and protection of intellectual property, are rearing anew in the TPP negotiations and Najib sees the end-of-year deadline as "very tight".
But Kerry said a deal was still achievable in the timeframe, as he sought to sell the merits of the pact.
"At a time when all of us seek strong and sustainable growth, TPP is creating a race to the top, not to the bottom. It is reaching for the highest standards of all," he said in his speech.
<div class="nc_footer">
Copyright (2013) AFP. All rights reserved.
</div>

Obama Couldn't Make The Asia-Pacific Economic Summit So China Grabbed The Limelight

<div class="KonaFilter image-container float_right"><div class="image on-image">REUTERS/Erik De CastroA Philippine military helicopter drops bottled water to Typhoon Haiyan survivors in Tolosa, Leyte in central Philippines, November 21, 2013.</div></div>Good morning! Here's what you need to know.
<ul>
<li>Markets in Asia were mostly higher. Japan's Nikkei was up 0.10%. Korea's Kospi climbed 0.62%. Hong Kong's Hang Seng rose 0.49%. Markets in Europe are flat. U.S. futures are pointing higher.</li>
<li><a href="http://online.wsj.com/news/articles/SB10001424052702304337404579212470182369600?mod=WSJ_hp_LEFTWhatsNewsCollection">The Wall Street Journal reports</a> Charter Communications is drumming up financing to make a bid for Time Warner Cable. Charter CEO John Malone and others have said that "cable consolidation would help the industry deal with rising programming costs, a growing cause of concern for pay-TV providers. And by holding down their costs, cable operators could be better able to convince consumers to stop 'cutting the cord' and disconnecting from pay TV."</li>
<li>Germany's closely watched Ifo business sentiment survey <a href="http://on.ft.com/19Nuwi9">hit</a> 109.3 in November, beating expectations fo 107.7 and reaching an 18-month high. The print had declined for the first time in six months in October. </li>
<li>The WTO is set to announce its first pact in more than a decade. The deal is expected to add $1 trillion to annual global trade flows, <a href="http://www.ft.com/intl/cms/s/0/34eef340-52da-11e3-a73e-00144feabdc0.html?siteedition=intl#axzz2lNJs29Mx">the FT reports</a>. "The biggest element of the Bali deal is the chapter on 'trade facilitation', WTO jargon for removing bureaucratic barriers at borders. It will set binding standards for WTO members on matters such as how long goods should take to clear borders, how customs officials can charge tariffs and penalties and what paperwork can be required at borders." </li>
<li>Appaloosa Management's David Tepper does not see a bubble in stocks. In an appearance on Bloomberg live from <a href="https://investors.robinhood.org/">the Robinhood Conference</a>, Tepper also said he is short the bond market, and that the Fed should begin tapering as soon as possible. He recently <a href="http://www.businessinsider.com/tepper-buys-jc-penney-dumps-bofa-2013-11">bought a chunk of JC Penney shares</a>, and sold out of his Bank of America stake. </li>
<li>Meanwhile, John Paulson says he's steering clear of gold as there remains no sign of inflation, <a href="http://www.bloomberg.com/news/2013-11-21/paulson-said-to-tell-clients-he-wouldn-t-add-more-to-gold.html">Bloomberg's Kelly Bit reports</a>. Paulson had been loading up on gold as a hedge against the consequences of central bank easing, but his fund lost 63% this year, Bit says. </li>
<li>Taiwanese manufacturing giant Foxconn plans to invest $40 million in the U.S. to ramp up manufacturing of high-end tech equipment, including a 500-job plant in Harrisburg, Pa. Another $10 million will go to Carnegie Mellon for research into robotics. Foxconn already has an office in Harrisburg. "We don't want to move the hand-to-hand worker jobs, we want to move the intelligent jobs -- the skilled labor jobs," <a href="http://www.businessinsider.com/foxconn-invests-40-million-2013-11#ixzz2lNJBMGKM">Foxconn chairman and founder Terry Guo said</a>.</li>
<li>China appears poised to launch its own crude futures market, <a href="http://www.businessinsider.com/china-plans-to-launch-its-own-crude-oil-futures-market-2013-11">AFP reports</a>. It would operate out of Shanghai's free trade zone, meaning foreigners would likely be allowed to trade there. China already has four futures exchanges but none of them feature oil. The country just passed the U.S. as the world's top oil importer.</li>
<li>2013 will mark the end of one period in the U.S. housing market and the beginning of another, <a href="http://soberlook.com/2013/11/key-trends-in-us-mortgage-markets.html#ixzz2lNDZ4ZMi">according to Freddie Mac chief economist Frank Nothaft</a>, thanks to rising interest rates. "For the first time since 2000, we're going to see the mortgage market dominated by purchase activity as the refinance share drops below 50 percent. And with mortgage rates rising, we're also going to see the home-sales gains as well as the impressive house price growth begin to moderate to more sustainable levels." As Walter Kurtz observes, lenders who specialize in refinancing have been struggling of late, and the ratio of mortgage applications for purchase against refi has doubled as a result of the drop-off in the latter category.</li>
<li>At 10 am we'll get September job openings, layoffs and turnover survey from the BLS. Consensus on job openings is for basically no change from August. At the same time, the Kansas City Fed will release its manufacturing survey for November, which is also expected to remain unchanged at a reading of 6. Yesterday's Philly Fed index <a href="http://www.businessinsider.com/philly-fed-business-outlook-2013-11">unexpectedly plummeted</a>, though remained in positive territory. </li>
</ul>

You Searched For "Bali Trade Pact" and got 6 results

BRICS To Implement Global Trade Deal Despite India’s Concerns

BI India Bureau

WTO Talks Fail As India Remains Adamant

BI India Bureau

First Trade Reform In History Of The World Trade Organization Is Ready For Approval

Randy Fabi and Tom Miles, Reu…

Videocon Telecom to sell spectrum to Idea Cellular in 2 circles for Rs 3310 crore

BI India Bureau

Obama Couldn't Make The Asia-Pacific Economic Summit So China Grabbed The Limelight

Jitendra Joshi , Agence Franc…

10 Things You Need To Know Before The Opening Bell

Rob Wile

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