India will not back WTO protocol unless concerns addressed: Sources
24/07/2014
New Delhi: India will not support a trade facilitation protocol ahead of a July 31 deadline unless its concerns about subsidies are met, two senior government officials said on Wednesday, sticking to a hard line critics say could derail a landmark global trade deal.
India is trying to win guarantees to protect a USD 12 billion annual programme to feed its poor that risks breaking WTO rules about price support subsidies to farmers in return for its support for the protocol.
"They want to cap our subsidies, which are just a fraction of what the developed countries are giving to their rich farmers. We will not allow it to happen," one of the government officials told Reuters.
India is the most prevalent among a group of developing nations angry at rich countries for failing to address their concerns about a deal on trade facilitation - struck by WTO member states in Bali last year. The deal was the first global trade pact reached by the World Trade Organization and was hailed as restoring credibility to the group and reviving the Doha Round of trade negotiations.
Proponents believe the deal could add USD 1 trillion to global GDP and 21 million jobs.
India has come under heavy pressure from rich countries to drop its demands ahead of a WTO meeting in Geneva on Thursday, where member states hoped to adopt the protocol - the last step before the deal is ratified.
The deadline for adopting the protocol is July 31.
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