30/03/2026

BIZ & FINANCE MONDAY | MAR 30, 2026

16

WTO reform talks stalled going into final day o Indian and American positions far apart on extension of e-commerce duties moratorium

India opens second international airport in capital NEW DELHI: India opened a second international airport in the capital New Delhi on Saturday, as part of the country’s rapid push to expand its air industry. The Noida International Airport is 75km from the city, and will serve 12 million passengers a year in its initial phase, with the potential to grow to as many as 70 million. It will also handle cargo, with the capacity to increase operations over time. India’s rapidly growing economy, and its 1.4 billion people, has opened the door for the country to become the world’s fourth-largest air market, including domestic and international travel. Prime Minister Narendra Modi inaugurated the airport, a greenfield project in Jewar in Uttar Pradesh, the country’s most populous state with estimated 243 million people. Modi said he hoped the airport would become a gateway to the wider Delhi region, and once fully operational, a flight would take off every two minutes. “The airport would boost economic activity in western Uttar Pradesh, creating opportunities for farmers, small businesses and young people,“ he said. It will complement the existing Indira Gandhi International Airport, 15km from the centre. “Together, the two airports will function as an integrated aviation system, easing congestion, expanding passenger capacity, and positioning Delhi NCR (National Capital Region), among leading global aviation hubs,“ Modi’s office said. The development of the air industry sector has been a priority for Modi since he came to power in 2014, and launched a drive to boost air links between small towns and megacities. The number of airports has more than doubled in the past decade – from 74 in 2014 to 157 in 2024, according to Aviation Ministry figures. – AFP Major Australian LNG plant remains out SYDNEY: At least one of the world’s largest LNG plants remained closed yesterday after a cyclone knocked out power to thousands of people in western Australia. The outages were restricting already stretched fuel supplies caused by the war in the Middle East. Woodside Energy, which processes fuel from one of the world’s biggest offshore gas operations, said yesterday its Karratha plant remained offline. “We have commenced remobilising our workforce to some of our offshore facilities and inspections will inform startup processes and timing,“ a spokesperson for Woodside said. “Production at the North West Shelf Project will recommence once it is safe to do so.” The spokesperson said its Macedon and Pluto sites remained open. Energy giant Chevron has said it suffered outages at its Gorgon and Wheatstone gas plants, which collectively supply more than five percent of the world’s liquefied natural gas. Australia is one of the world’s largest LNG exporters, supplying Asian nations reeling from fuel disruptions caused by Iran’s Strait of Hormuz blockade as Tehran retaliates against Israeli-US attacks. Tropical Cyclone Narelle whipped up winds of 200km per hour and destroyed several homes. As of yesterday, more than 1,400 homes were still without power. Western Australia Premier Roger Cook announced one-off payments to people with home damage to be used for temporary accommodation, food, clothing and to assist with transport. – AFP

The debate comes amid efforts to rework WTO rules to render subsidy use more transparent, make decision-taking easier and potentially rethink the so-called Most-Favoured-Nation principle that ensures members extend all trade benefits equally to one another. The US and the EU argue China in particular has taken advantage of current rules to their detriment. Meanwhile decision-making under the consensus-based system has often been stymied by individual countries’ objections. A handful of countries are opposing a detailed work plan on reforms, while most members support it, two senior diplomats said. “We are frustrated that we are spending a lot of time talking about process, when we want to get on with the real work, reforming the World Trade Organisation,” a Western diplomat said. Including into WTO rules an agreement reached by a subset of members aimed at boosting investment in developing countries also remains blocked by India, which said plurilateral accords risk eroding the body’s founding principles. – Reuters

YAOUNDE: Talks to reform the World Trade Organisation and extend a moratorium to not impose customs duties on electronic transmissions such as digital downloads entered their final day yesterday with no breakthrough yet in sight, diplomats said. Trade ministers are working at a WTO meeting in Cameroon to close the gap between the United States and India over extending the e-commerce moratorium due to expire this month, three diplomats told Reuters. Extending the moratorium is seen as a test for the WTO’s relevance, following a year of tariff-fuelled trade turmoil and major disruptions due to the Middle East conflict. India indicated it would accept a extension of two years, three diplomats said. US Trade Representative Jamieson Greer, however, has said Washington was not interested in a temporary extension to the ban, only a permanent one.

Business leaders say an extension is critical to guarantee predictability, fearing duties could otherwise be introduced. There are suggestions the US could accept a “pathway to permanence” with a 10-year extension, a Western diplomat said. A second said a five- to 10-year extension was being explored, while a third indicated it was unlikely all WTO members would agree to go beyond two years. A new draft document seen by Reuters on Saturday evening proposes support for developing country members, as well as a review clause. Extending the moratorium permanently would give the US confidence to remain “fully engaged” in the trade body, the US ambassador to the WTO, Joseph Barloon, told Reuters ahead of the talks. “If the moratorium does not get extended, the US will use it as an excuse to beat the WTO on the head,” a fourth senior diplomat said.

Nestle says 12 tonnes of KitKat stolen GENEVA: A huge shipment of Nestle’s crunchy KitKat chocolate bars was stolen in Europe, the brand said, warning that the heist risked causing shortages in stores right before Easter. KitKat, owned by Swiss food giant Nestle, confirmed in a statement sent to AFP on Saturday that “a truck transporting 413,793 units of its new chocolate range has been stolen during transit in Europe”. brand said, referring to its catchphrase. “But it seems thieves have taken the message too literally and made a break with more than 12 tonnes of our chocolate.” The brand warned that “the theft may lead to a shortage of KitKats appearing on shelf”, acknowledging that“consumers, unfortunately, may struggle to find their favourite chocolates ahead of Easter”. KitKat branding appears onscreen at Nestle’s annual general meeting in Ecublens near Lausanne, Switzerland. – REUTERSPIC

and its contents remain unaccounted for”. “Investigations are ongoing in close collaboration with local authorities and supply chain partners,“ it said. KitKat warned that the missing chocolate bars “could enter unofficial sales channels across European markets”. It said it was possible to trace the stolen goods by scanning the unique batch codes found on each bar. “If a match is found, the scanner will be given clear instructions on how to alert KitKat who will then share the evidence appropriately,“ it said. – AFP

The stolen truck had left central Italy and was making its way to Poland, with a plan to distribute the bars in countries along the way. KitKat did not say where specifically the goods had gone missing, but said “the vehicle

The shipment, weighing around 12 tonnes, disappeared last week while heading between production and distribution locations, it said. “We’ve always encouraged people to have a break with KitKat,“ a spokesperson for the