WTO members agree surprise deal in Bali to cut barriers to global trade
The deal, the first they've reached in nearly two decades, keeping alive the possibility a broader agreement to create a level playing field for rich and poor countries can be reached.
A deal to ease barriers to global trade has been approved by the World Trade Organisation's 159 member economies.
The deal, the first they've reached in nearly two decades, keeping alive the possibility a broader agreement to create a level playing field for rich and poor countries can be reached.
WTO director general Roberto Azevedo shed tears during the summit's closing ceremony yesterday as he thanked host nation Indonesia, WTO member countries and his wife. "We have put the world back into the World Trade Organisation," he said. "For the first time in our history, the WTO has truly delivered."
The centrepiece of the agreement was measures to simplify customs procedures and make them more transparent.
"Streamlining the passage of goods across borders by cutting red tape and bureaucracy could boost the world economy," the US Chamber of Commerce said.
The deal could boost global trade by US$1 trillion over time.
Trade ministers had come to the four-day WTO meeting on the resort island of Bali with little hope that an agreement would be reached after years of inertia in trade negotiations.