The Obama administration lauded an agreement on trade rules struck by the World Trade Organization, while analysts said the deal may do more to salvage broader WTO talks than solve food shortages and help global commerce.
The first major agreement to update global trade rules in two decades moved nearer after the U.S. and India bridged differences over agriculture subsidies and food security, people familiar with the negotiations said.
Negotiators are seeking to salvage the credibility of the World Trade Organization at a meeting in Bali this week, as the lack of agreement over farm subsidies threatens to end 12 years of talks on a global trade pact.
Archer-Daniels-Midland Co.’s A$2.2 billion ($2 billion) takeover of GrainCorp Ltd. was blocked by Australia, prompting a record drop in shares of the east coast’s biggest crop handler and a slide in the local currency.
Qatar hired local and international consultants, including experts from Texas A&M University, to draft food-supply contingency plans in the event of a crisis, such as a disruption to regional trade routes.