# Glimmers of hope as global trade talks stretch into final day Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2022-06-16 Category: NEWS Category URL: https://financedigest.com/category/news Meta Title: WTO Negotiations on Food Security, Fishing and Vaccines Meta Description: Ministers from 100+ countries meeting in Geneva for crucial talks amid Indian opposition. Hopeful mood as deals on critical topics are on the table. URL: https://financedigest.com/glimmers-of-hope-as-global-trade-talks-stretch-into-final-dayhtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/2022-06-16t060022z3lynxmpei5f05rrtroptp4trade-wto-fish-1736815635924-compressed.jpg) By Emma Farge GENEVA (Reuters) -Negotiations at the World Trade Organization aimed at clinching deals on food security, fishing and vaccines entered their final hours on Thursday after all-night talks, with some trade sources hopeful that efforts to circumvent Indian opposition would succeed. 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](https://www.financedigest.com/u-s-ukraine-agree-to-launch-talks-to-upgrade-2008-trade-accord.html "U.S., Ukraine agree to launch talks to upgrade 2008 trade accord") rules to be passed, meaning that one member can block deals. In the June 12-15 meeting, now 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](https://www.financedigest.com/eu-demands-quick-fix-from-u-s-of-green-subsidy-law.html "EU demands quick fix from U.S. of green subsidy law") 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](https://www.financedigest.com/5-ways-to-protect-your-wealth-for-future-generations.html "5 Ways to Protect Your Wealth for Future Generations") of every Indian and that of the marginalized,” he said on Twitter. However, some delegates were more upbeat on Thursday, [including on a package of deals with trade](https://www.financedigest.com/ing-toughens-oil-and-gas-policy-to-include-trade-finance-midstream.html "ING toughens oil and gas policy to include trade finance, midstream") offs possible across the topics. EU [trade commissioner](https://www.financedigest.com/fix-trading-community-releases-recommended-practices-for-commission-unbundling-as-required-by-mifid-ii.html "FIX Trading Community releases Recommended Practices for Commission Unbundling as required by MiFID II") Valdis Dombrovskis said they were “getting closer” in a tweet. WTO deputy director-general Anabel Gonzalez said she was “hopeful”. Negotiators including U.S. [Trade Representative Katherine Tai were involved in talks](https://www.financedigest.com/tax-credits-for-eu-electric-vehicles-to-dominate-mondays-trade-talks-with-u-s.html "Tax credits for EU electric vehicles to dominate Monday’s trade talks with U.S") in the so-called ‘Green Room’ of the WTO most of the night trying to thrash out agreements. But Tai left early on Thursday, a U.S. official confirmed. Negotiations resumed around 0700 GMT and are ongoing with the conclusion due Thursday afternoon, [trade sources](https://www.financedigest.com/indias-carmakers-back-zero-duty-on-limited-british-imports-under-trade-deal-sources.html "India’s carmakers back zero duty on limited British imports under trade deal – sources") said. One of the possible outcomes of the [talks is a pared-back version of a deal](https://www.financedigest.com/sabadell-in-talks-with-worldline-nexi-and-fiserv-for-payments-deal-sources.html "Sabadell in talks with Worldline, Nexi and Fiserv for payments deal -sources") designed to curb fishing subsidies that cause over-fishing, a document seen by Reuters showed. Another is a waiver of intellectual property rights for COVID-19 vaccines and pledges to ease the food [security crisis although tussles over the wording continued](https://www.financedigest.com/ils-investment-returns-continue-to-outperform-according-to-aon-insurance-linked-securities-report.html "ILS investment returns continue to outperform, according to Aon insurance-linked securities report"), sources said. WTO officials have maintained throughout the meetings that deals can be reached, [saying that talks](https://www.financedigest.com/virgin-orbit-says-space-startup-in-talks-with-potential-investors.html "Virgin Orbit says space startup in talks with potential investors") 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](https://www.financedigest.com/can-foreign-nationals-qualify-for-a-loan-in-the-uk.html "Can Foreign Nationals Qualify For a Loan in The UK?") Trade Council, adding that members should not reward “obstructionism. (Reporting by Emma Farge; Additional reporting by Andrea Shalal in Washington and Phil Blenkinsop in Brussels; Editing by Raju Gopalakrishnan and Alison Williams) --- This blog is powered by Superblog. 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