August 1st, 2014

India Slams US Global Hegemony By Scuttling Global Trade Deal, Puts Future Of WTO In Doubt


WTO

This article comes from ZeroHedge.com

Yesterday we reported that with the Russia-China axis firmly secured, the scramble was on to assure the alliance of that last, and critical, Eurasian powerhouse: India. It was here that Russia had taken the first symbolic step when earlier in the week its central bank announced it had started negotiations to use national currencies in settlements, a process which would culminate with the elimination of the US currency from bilateral settlements.

Russia was not the first nation to assess the key significance of India in concluding perhaps the most important geopolitical axis of the 21st century – we reported that Japan, scrambling to find a natural counterbalance to China with which its relations have regressed back to World War II levels, was also hot and heavy in courting India. “The Japanese are facing huge political problems in China,” said Kondapalli in a phone interview. “So Japanese companies are now looking to shift to other countries. They’re looking at India.”

Of course, for India the problem with a Japanese alliance is that it would also by implication involve the US, the country which has become insolvent and demographically imploding Japan’s backer of last and only resort, and thus burn its bridges with both Russia and China. A question emerged: would India embrace the US/Japan axis while foregoing its natural Developing Market, and BRICS, allies, Russia and China.

We now have a clear answer and it is a resounding no, because in what was the latest slap on the face of now crashing on all sides US global hegemony, earlier today India refused to sign a critical global trade deal. Specifically, India’s unresolved demands led to the collapse of the first major global trade reform pact in two decades. WTO ministers had already agreed the global reform of customs procedures known as “trade facilitation” in Bali, Indonesia, last December, but were unable to overcome last minute Indian objections and get it into the WTO rule book by a July 31 deadline.

WTO Director-General Roberto Azevedo told trade diplomats in Geneva, just two hours before the final deadline for a deal lapsed at midnight that “we have not been able to find a solution that would allow us to bridge that gap.

Reuters reports that most diplomats had expected the pact to be rubber-stamped this week, marking a unique success in the WTO’s 19-year history which, according to some estimates, would add $1 trillion and 21 million jobs to the world economy.

Turns out India was happy to disappoint the globalists: the diplomats were shocked when India unveiled its veto and the eleventh-hour failure drew strong criticism, as well as rumblings about the future of the organisation and the multilateral system it underpins.

“Australia is deeply disappointed that it has not been possible to meet the deadline. This failure is a great blow to the confidence revived in Bali that the WTO can deliver negotiated outcomes,” Australian Trade Minister Andrew Robb said on Friday. “There are no winners from this outcome – least of all those in developing countries which would see the biggest gains.”

Shockingly, and without any warning, India’s stubborn refusal to comply with US demands, may have crushed the WTO as a conduit for international trade, and landed a knockout punch when it comes to future relentless globallization which as is well known over the past 50 or so years, has benefited the US first and foremost.

Read more here.




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4 Responses to “India Slams US Global Hegemony By Scuttling Global Trade Deal, Puts Future Of WTO In Doubt”

  1. 1
    Remember the Alamo Says:

    “India Slams US Global Hegemony By Scuttling Global Trade Deal, Puts Future Of WTO In Doubt”

    “Global Hegemony”??? “Free” Trader deficits of $500,000,000,000.00 PLUS per year –year
    after year after year, and the gutting of American manufacturing, American labor, the
    American economy, and America.

    Those Austrians and their American fellow travellers really came up with a great “religion”,
    “Free” Trade.

    You gotta love their “religion”. –But I just don’t get it! I must not have enough “faith”.

  2. 2
    Remember the Alamo Says:

    –”FREE”.

    You can sell anything, including political and economic “philosophies”,
    if you “say” it advances freedom or is “free”.

    “Free” gets you a long way. –But is it really “free”.

  3. 3
    Remember the Alamo Says:

    The Trojan Horse of World Government:

    “Free trade is the serial killer of American manufacturing and the Trojan Horse of World Government. It is the primrose path to the loss of economic independence and national
    sovereignty. Free trade is a bright shining lie.” –”Where the Right Went Wrong”, Patrick Buchanan
    —————————————————————————————————

    –The “results” speak for themselves.

    We have not lost “economic independence” and “national sovereignty” ???

    Our founding fathers believed in trade with other nations, but trade that benefited the
    United States of America, and not trade that worked to the detriment of the U.S.A. The
    vehicle for the safeguarding of American industry and labor was “tariffs” as found in the
    U.S. Constitution. –”Tariffs”, one of the few powers granted to the federal government in
    the U.S. Constitution, and one of the powers that our first President, and signer of the U.S.
    Constitution, availed himself of.

  4. 4
    Remember the Alamo Says:

    P.S.:

    But it is far worse than $500,000,000,000.00 PlUS per year on the U.S. economy.

    The Multiplier Effect:
    In the economy, there is a circular flow of income and spending, if it is not off-shored. Everything is connected. Money that is earned flows from one person to another, and most of it
    gets spent again – not just once, but many times. What this means is that increases in spending from American workers and businesses, if it is not off-shored, lead to much larger increases in economic output and jobs for the American workers.

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