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India has until today to back Bali deal before it likely dissolves
INDIA has until today, October 21, to support a global trade deal struck last year or risk being left out of the agreement to ease worldwide customs rules, Reuters reports.
Failure is likely to mean the deal will only be binding for those countries willing to be bound, said the chairman of EU trade ministers Carlo Calenda.
Trade experts say a collapse is likely to end efforts to forge global trade deal and to bring about smaller groups of like-minded countries to liberalising trade among themselves.
Said Mr Calenda: "India is not following up what we have all decided in Bali. So we still want to give more time to change its mind."
India in July blocked what would have been the first global trade reform in two decades, which according to some would add US$1 trillion and 21 million jobs to the world economy.
Mr Calenda, who is also Italy's deputy industry minister, was speaking at the end of a meeting of EU trade ministers in Rome, who leads because Italy holds the six-month rotating presidency of the European Union.
Mr Calenda said India was being given until today's meeting of the World Trade Organisationˇs general council to back the customs deal.
India is willing to sign if it can continue to subsidise and stockpile food grains. It got support from Cuba, Venezuela and Bolivia.
Failure is likely to mean the deal will only be binding for those countries willing to be bound, said the chairman of EU trade ministers Carlo Calenda.
Trade experts say a collapse is likely to end efforts to forge global trade deal and to bring about smaller groups of like-minded countries to liberalising trade among themselves.
Said Mr Calenda: "India is not following up what we have all decided in Bali. So we still want to give more time to change its mind."
India in July blocked what would have been the first global trade reform in two decades, which according to some would add US$1 trillion and 21 million jobs to the world economy.
Mr Calenda, who is also Italy's deputy industry minister, was speaking at the end of a meeting of EU trade ministers in Rome, who leads because Italy holds the six-month rotating presidency of the European Union.
Mr Calenda said India was being given until today's meeting of the World Trade Organisationˇs general council to back the customs deal.
India is willing to sign if it can continue to subsidise and stockpile food grains. It got support from Cuba, Venezuela and Bolivia.
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