WTO says failed to agree global customs pactAugust 1, 2014 - 10:50 AMT PanARMENIAN.Net - The World Trade Organization says its 160 members have failed to agree a global customs pact drawn up in meetings in Bali last December, according to BBC News. The Trade Facilitation Agreement would have streamlined global customs procedures, and should have been finalised by Thursday, July 31. But it was blocked over a number of rifts, including India's demands for concessions on the stockpiling of food. The WTO said it had not been possible to find a breakthrough. "We have not been able to find a solution that would allow us to bridge the gap," WTO director-general Roberto Azevedo said. He asked WTO members "to reflect long and hard on the ramifications of this setback". U.S. ambassador to the WTO, Michael Punke, said that the failure to agree a deal had "put this institution on very uncertain new ground". The WTO had seemed to be on the verge of reaching its first comprehensive agreement since it was founded in 1995. India had said last year that the planned deal could endanger domestic policies designed to help feed its poor. Related links: Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Russia clarifying reports on Baku’s alleged arms supply to Ukraine Russia says is carefully working to verify reports about alleged arms supplies from Azerbaijan to Ukraine Russia warns Armenia against “falling into West’s trap” Zakharova maintained, however, that anything that will benefit the people of Armenia can only be welcomed. CSTO: Armenia has not participated in secretariat’s work recently Recently Armenia has not participated in the work of the secretariat of the CSTO, Imangali Tasmagambetov said. Meeting with U.S., EU not against third parties, says Armenia The meeting scheduled for April 5 is dedicated to strengthening of the Armenia-EU-US cooperation, Yerevan added. |