World Trade Organization inches toward new agreements on global trade

investmentnews.com:

The World Trade Organization made some progress overnight toward agreements on measures to broaden global trade, with a final deal on agriculture subsidies, overfishing and tariff-free e-commerce hinging on major economies’ willingness to make last-minute concessions, people familiar with the talks said.

Negotiators for more than 160 countries were narrowing down differences over draft compromises to curb subsidies in fisheries, but on the agriculture sector, discussions on a roadmap for reducing public aid and lifting barriers were proving more difficult. That was partly because of India, which had its own demands in return for supporting an extension of a moratorium that keep cross-border digital commerce free of tariffs, the people said.

The closing session of the WTO’s 13th ministerial meeting was pushed back for a third time, to 5pm in Abu Dhabi, to allow the talks to continue. 

In a draft statement on agriculture circulating early Friday and seen by Bloomberg News, one proposed phrase would have members agree to adopt a permanent solution to the issue of public stockholding for food-security purposes — one of the most sensitive issues over the week-long negotiations and something India is pressing for. These programs won’t be allowed to distort trade or hurt food security of the members, according to the draft, which says progress will be assessed a year from now.

In response to India’s stance, some delegations have warned about the potential for such public stockholding programs to influence the price of global commodities.

In the draft text to end fisheries subsidies contributing to overcapacity and over fishing, the delegates included a differential treatment for developing countries during a transition period