Efforts to salvage a landmark World Trade Organisation deal collapsed on Thursday after India refused to drop its objections, plunging the body back into a crisis of credibility.
The collapse of the agreement to reduce red tape at borders around the world immediately drew a concerned response from business groups and came just seven months after it was reached by WTO members in Bali.
At the time, the trade facilitation agreement was celebrated as the first in the Geneva-based body’s almost two-decade history, which would provide a way forward for multilateral trade negotiations.
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