India and the United States settled a dispute on Thursday that had paralyzed the World Trade Organization and risked derailing a $1 trillion package of reforms of global customs procedures.
The deal, which needs to be backed by all 160 WTO members, has resurrected hopes that the trade body can now push through those reforms, opening the way up for further negotiations.
India had plunged the WTO into the deepest crisis in its 20-year history in July by vetoing a deal on streamlined customs rules due to a lack of progress on its demands to be allowed to stockpile food without observing the usual WTO rules on agricultural subsidies.