U.S., India Hammer Out Issues in First Global Trade Deal in Two Decades

There may be other problems with Cuban embargo, though

India and the US on Friday resolved their differences over how to tackle food security, clearing the way for the first global trade deal in almost two decades.

A majority of ministers from the 159 members of the World Trade Organisation provisionally agreed the main elements of a deal in Bali after four days of gruelling negotiations. Business groups immediately hailed the news as a boost to the $18tn annual trade in goods.

It aims to ease red tape and set binding standards for customs and the movement of goods through national frontiers. The accord could add $1tn to the world economy according to some estimates.