India

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

There may be other problems with Cuban embargo, though

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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.