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Gridlocked WTO negotiations stretch into final day

Thursday, June 16, 2022
Gridlocked WTO negotiations stretch into final day © Reuters. FILE PHOTO: A general view of the room during the speech of Director-General of the World Trade Organisation (WTO) Ngozi Okonjo-Iweala at the opening ceremony of the 12th Ministerial Conference (MC12), at the World Trade Organization, in Geneva, Switzerla

By Emma Farge

GENEVA (Reuters) - All-night negotiations at the World Trade Organization aimed at clinching deals on food security, fishing and vaccines paused around dawn on Thursday with no immediate sign that efforts to overcome Indian opposition had succeeded.

Ministers from more than 100 countries are meeting at the global trade watchdog's headquarters in Geneva this week for the first time in more than four years to thrash out new trade rules - a feat many doubt in an era of high geopolitical tensions.

The body's 164 members must all agree for new global trade rules to be passed, meaning that one member can block deals.

In this week's June 12-15 meeting prolonged until Thursday afternoon, that member has been India. New Delhi, which has a history of blocking multilateral negotiations, has stuck to long-held demands to maintain subsidies for fisheries and agriculture and pushed for extra carve-outs, trade sources say.

Indian Commerce Minister Piyush Goyal's statements confirmed those demands.

"India is strongly representing its perspective at the WTO

to protect the future of every Indian and that of the marginalized," he said on Twitter (NYSE:TWTR).

For a Factbox on the WTO negotiations see here:

Delegates including U.S. Trade Representative Katherine Tai were involved in negotiations in the so-called 'Green Room' of the WTO most of the night trying to thrash out agreements. She tweeted a photo of Lake Geneva at sunrise without providing an update on the talks. Negotiations resume around 0700 GMT, trade sources said.

A source involved in the talks said a partial fisheries deal that falls "well short" of previous versions would be put before ministers at that time.

WTO officials have maintained throughout the meetings that deals can be reached, saying that talks often look hopeless until a final bargain comes together.

Observers expressed frustration with the process.

"The ministerial (conference) laid bare the increasing dysfunction that inhibits collective action at the WTO," said Jake Colvin, president of the National Foreign Trade Council, adding that members should not reward "obstructionism".

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03-07-2022 00:47:19 (UTC+7)

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 EUR/USD1.0429Neutral
 GBP/USD1.2098↑ Buy
 USD/JPY135.21↑ Sell
 AUD/USD0.6816↑ Sell
 USD/CAD1.2888Buy
 EUR/JPY140.98Neutral
 EUR/CHF1.0007↑ Sell
 Gold1,812.90↑ Buy
 Silver19.823↑ Buy
 Copper3.6138Neutral
 Crude Oil WTI108.46↑ Sell
 Brent Oil111.48↑ Sell
 Natural Gas5.620↑ Sell
 US Coffee C223.95↑ Sell
 Euro Stoxx 503,448.31↑ Buy
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