NOVEMBER 2013: The Month in Charts

The state of global trade was front and center in November as members of the World Trade Organization meeting in Geneva failed to reach an agreement that would have streamlined customs procedures and sped up global trade.

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It was the first attempt at worldwide trade reform, and the 150+ country representatives’ inability to draft a final accord meant the issue was thrown into the trade ministers’ WTO talks in Bali, which took place Dec. 3-6 and reached a surprising accord.

In November, however, according to this Reuters article, the International Chamber of Commerce estimated a deal would result in adding $960 billion to the world economy and creating 21 million jobs, 18 million of them in developing countries. It would also revive confidence in the WTO as a forum for trade negotiations.

Contentious issues included an Indian crop stockpiling plan that is exempt from WTO subsidy rules and a challenge to the U.S. economic embargo on Cuba. Turkey also had concerns about new rules on transit, while there was Central American resistance to demands to stop using customs brokers to handle trade.

This Reuters article noted that in November, a breakthrough the United States initially opposed, India won to the right to subsidize food and stockpile it in the name of food security, breaking the usual WTO rules on food subsidies.

Fulfilling an election promise made in 2009, India’s coalition government this year expanded a welfare program to give ultra-cheap food to about 800 million people. The Congress Party, which leads the government, has been stung by polls showing it may lose ground in the next general election.

However, despite winning concessions, India was said to have balked at a final agreement text in Geneva.

 
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