BALI, Indonesia – A possible World Trade Organization deal is moving closer to approval after one of the biggest holdups on food subsidies was set aside following hours of global negotiations that went late into the night.
Trade ministers came to the summit on Indonesia's Bali island with little hope that a slimmed-down agreement would be reached, with India refusing to budge on a provision that could endanger subsidies for grains under a policy to feed its poor.
But a draft proposal released late Friday to be decided on by the ministers put the subsidy issue on the backburner, allowing room for consensus. It also would ease customs procedures.
India Trade Minister Anand Sharma says he endorses the draft proposal.
The deal could boost global trade by $1 trillion.