India slams door on $1tn WTO deal over customs rules

India slams door on $1tn WTO deal over customs rules

The World Trade Organization got a surprise setback on Thursday when India, pushing for concessions on agricultural stockpiling, vetoed plans for universal customs rules. The deal could have added $1 trillion and 21 million jobs to the world economy.

The July 31 deadline on the first proposal for major global economic reform in two decades – a series of customs procedures known as “trade facilitation” – left negotiators empty handed after India refused to sign up to it.

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