WTO Talks Fail As India Remains Adamant

Several members of the World Trade Organisation 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."