PM Narendra Modi Tells Obama He Hopes for Trade Pact Deal 'Soon'

Washington: Prime Minister Narendra Modi told US President Barack Obama on Tuesday that he hoped for a deal "soon" to allow a WTO trade facilitation deal blocked by India to go forward.

India has refused to endorse the landmark deal to reduce trade barriers, till it gets a solution that would take care of its concerns over WTO limits on stockpiling of food which affect its subsidised food distribution programme for millions of people.

PM Modi said after his Oval Office talks with Obama that they had a "candid" discussion on the Trade Facilitation Agreement (TFA).

"India supports trade facilitation. However, I also expect that we are able to find a solution that takes care of our concern on food security. I believe that it should be possible to do that soon," PM Modi said.

Stockpiling and subsidies for the poor are considered trade-distorting under existing WTO rules.

All 160 WTO members including India agreed to implement the TFA -- which would mark the first big global trade liberalization deal in two decades -- at a 2013 meeting in Bali. India's move to hold up the deal in July surprised fellow WTO members.

The agreement was due to take effect in mid-2015.