WTO's failed Bali accords on simplifying customs rules disappoints China


THE failure to reach an agreement on simplifying global customs rules by World Trade Organisation (WTO) members has been met with regret by China, which said the breakdown could damage multilateral trade.

India torpedoed a global deal to standardise and streamline customs regulations, known as "trade facilitation" after it demanded freedom to subsidise and stockpile food than allowed by WTO rules, said Reuters.

Many WTO member states, including the United States, voiced frustration after India's demands led to the collapse of what was the first major global trade reform pact in two decades.

WTO ministers had already agreed to the global reform of customs procedures in Bali last December, but were unable to overcome India's last-minute objections by a July 31 deadline.

China hopes all parties can quickly resolve differences and escape the impasse, Chinese Commerce Ministry spokesman Shen Danyang said China was "worried" about the possible negative impact on multilateral trade and Doha round of talks.

"China has called for all related parties to push forward the implementation of the Bali ministerial conference and work out a balanced, practical plan this year to wrap up the Doha round," Mr Shen said.

Source from : Shippingazette