The deal was finally agreed after marathon talks in Bali
Ministers from 159 countries have reached a deal intended to boost global trade at a meeting in Bali, Indonesia.
The World Trade Organization's first comprehensive agreement involves an effort to simplify the procedures for doing business across borders.
There will also be improved duty-free access for goods sold by the world's poorest countries.
The deal, which could add about $1tn to world trade, gives developing nations more scope to increase farm subsidies.
"For the first time in our history, the WTO has truly delivered," said WTO chief Roberto Azevedo, as the organisation reached its first comprehensive agreement since it was founded in 1995.
"This time the entire membership came together. We have put the 'world' back in World Trade Organization," he said.
However, the deal was earlier criticised by some development campaigners, who said it was not going far enough.
No comments:
Post a Comment
Kindly share your view or contribution on this topic