WTO sees global trade pact within two weeks

  The World Trade Organisation said on Friday there was a "high probability" that a major deal on streamlining global customs rules will be implemented within two weeks after India and the United States overcame a key impasse.

"I would say that we have a high probability that the Bali package will be implemented very shortly," WTO Director-General Roberto Azevedo said, referring to the Trade Facilitation Agreement agreed on the Indonesian island.

"I'm hopeful that we can do it in a very short period of time, certainly within the next two weeks," Azevedo, speaking ahead of a Group of 20 Leaders Summit in Brisbane, said.

India and the United States settled a dispute on Thursday that had paralysed the WTO and risked derailing the reforms, that are seen adding about $1 trillion to global trade.

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.

That put the WTO's future in doubt just months after it appeared to have overcome decades of stalemate on the issue at a meeting in Bali.

The breakthrough was the second at the WTO in as many days, following a U.S.-China pact to cut tariffs on IT products, also billed as a $1 trillion advance.