India refuses to budge on food subsidies at WTO

Bali: Chances of a breakthrough in global trade negotiations dimmed as India refused to budge on food subsidies that are an obstacle to an eleventh hour agreement at a WTO summit.U.S. Trade Representative Michael Froman on Wednesday urged the World Trade Organization's 159 member economies to work past their differences to finalize a slimmed-down deal to boost trade.[caption id="attachment_1265781" align="alignleft" width="380"] Representational image. Getty[/caption]But Indian Trade Minister Anand Sharma left little hope for a breakthrough.His government opposes a provision that could endanger subsidies for grains under an Indian policy to feed its poor.The talks on Indonesia's resort island of Bali will either produce a deal that could boost global trade by $1 trillion or possibly spell the end of the WTO's relevance as a forum for negotiations after a decade of inertia.AP