Trade facilitation agreement (TFA)

The TFA will be formally implemented in 2015. 

The TFA, which aims at simplifying customs procedure, increasing transparency and reducing transactions cost

Current WTO norms limits the value of food subsidies at 10 per cent of the total value of food grain production.

The support is calculated at the prices that are over two-decade old and not at current prices.

India is asking for a change in the base year (1986) for calculating the food subsidies. The US gives about USD 120 billion as agriculture subsidy as compared to India's USD 12 billion.

It could add $1 trillion (Rs.s 60 lakh crore) to the world economy and create 21 million jobs.

if the global trade negotiations lose momentum again, many WTO members, including the European Union and the United States, will effectively give up and focus all their efforts on more ambitious trade reforms that they are already negotiating bilaterally and in small groups.

Regional deals such as

• The Trans-Pacific Partnership 
• The EU-U.S. 
• Transatlantic Trade 
• Investment Partnership,
• sectoral negotiations in areas such as services, information technology and environmental goods.

Reference:

http://firstbiz.firstpost.com/economy/exceutive-decision-india-wont-bend-on-its-stand-on-wto-bali-agreement-says-govt-91905.html

http://www.ndtv.com/article/cheat-sheet/india-blocks-wto-deal-on-customs-rules-angering-fellow-members-564906