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

OWoN: This hurts US hegemony throughout the developing world as India is not China, but carries weight by its history and sheer size. So much for the US trying to use India as a counterweight to China. People forget Modi was not allowed into the US until he was elected. Do you not think that maybe this has left an impression on him as to the US is all about?

Actions right or wrong or misguided lead to consequences in a future not yet written, which is why the old saying "measure twice, cut once", or mind your own knitting. These are nations with 3 times the population of the US defecting. Vast export markets lost.

Zero Hedge
By Tyler Durden
1 August 2014

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 dea. 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.

Broke, debt-monetizing Japan, which as noted previously, was eager to become BFFs with India was amazed by the rebuttal: "A Japanese official familiar with the situation said that while Tokyo reaffirmed its commitment to maintaining and strengthening the multilateral trade system, it was frustrated that such a small group of countries had stymied the overwhelming consensus. "The future of the Doha Round including the Bali package is unclear at this stage," he said."

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1 comment :

  1. Obama wants Putin to kowtow to US hegemony

    The United States is toughening sanctions against Russia in a bid to remove the main stumbling block to its world hegemony, an analyst writes for Press TV.

    “What Washington wants is for [Russian President Vladimir] Putin to capitulate and prostrate himself in front of American global hegemony,” Finian Cunningham wrote in a column for the Press TV website.

    The political commentator was reacting to the decision by the United States and its European allies to tighten sanctions against Russia for its alleged role in destabilization of Ukraine.

    “The latest sanctions attacking Russia are like a gun being pointed at Putin’s head. It is an immensely provocative and outrageous act of Western aggression that has no possible justification,” he said, adding, “But it reveals the reckless extent to which Washington is willing to go in order to preserve its precarious empire.”

    Cunningham said the US sanctions against Russia have “nothing to do with alleged Russian destabilization of Ukraine” or the July 17 downing of Malaysian passenger aircraft over Donetsk.

    “The airliner was most likely blown out of the sky by the Western-backed Kiev regime, with Washington’s collusion, for the obvious geopolitical gain of cornering Russia with the latest sanctions,” he wrote.

    Cunningham said the US assault on Russia’s economy “is tantamount to an act of war.”

    On July 29, the United States and the European Union slapped a new series of sanctions on certain sectors of the Russian economy over the crisis in Ukraine.

    The Russian Foreign Ministry warned that the fresh wave of Western sanctions against Moscow could lead to higher energy prices for Europe.


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