Washington has agreed to give India more freedom in subsidizing and stockpiling food to support farmers and feed its 1.25 billion people. The agreement paves the way for another WTO deal expected to add an estimated $1 trillion to the global economy.
Communist Party MPs have prepared a bill detailing Russia’s exit from the World Trade Organization, claiming membership leads only to problems and promotes attempts at the ‘external management’ of the national economy.
Until recently sanctions in the world of international law were regarded as a bit passé. Not only did they fail to achieve their objective, they also proved to be a very fast way to impoverish innocent people; a blunt instrument that did no one any good.
The World Trade Organization got a surprise setback on Thursday when India, pushing for concessions on agricultural stockpiling, vetoed plans for universal customs rules. The deal could have added $1 trillion and 21 million jobs to the world economy.
Russia, Belarus, and Kazakhstan signed the historic Eurasian Economic Union which will come into effect in January 2015. Cutting down trade barriers and comprising over 170 million people it will be the largest common market in the ex-Soviet sphere.
Russia has some of the most precious uncontaminated top soil on the planet and if it is rigorously controlled to stay GMO-free and free from chemicals its productivity would increase as Europe declines, geopolitical analyst William Engdahl told RT.
World trade is expected to grow by 4.7 percent in 2014, more than double the 2.1 percent increase last year, the WTO says. The growth however could be subdued by increasing geopolitical tensions and the slowdown in developing economies, the report warns.