WTO Approves Historic Trade Package
A deal to boost global trade was approved at the 9th World Trade Organization (WTO) Ministerial Meeting in Bali on Saturday.
The Bali Package was adopted by the WTO's 159 member countries after four days of meetings.
The deal was the first global trade agreement of the WTO since its establishment in 1995, according to reports of ITAR-TASS.
"For the first time in our history, the WTO has truly delivered," said WTO chief Roberto Azevedo, as cited by the BBC News.
Indonesian Trade Minister Gita Wirjawan described the deal as a historic achievement.
European Commission President Jose Manuel Barroso predicted that the deal could result in gains of USD 1 trillion for the global economy.
The Bali meeting was estimated as an important event for affirming the WTO's credibility as a forum for negotiating trade liberalization agreements.
Trade ministers also claimed that the deal could help unblock the stalled Doha round of negotiations aimed at liberalizing world trade.
The Bali Package, which consists of 10 documents, is aimed at trade facilitation, i.e. a global standardization and simplification of customs procedures that would tear down barriers to cross-border movement of goods.
It also contains measures to help poor countries gain wider access to developed and emerging markets.
The deal also envisages reductions in agricultural subsidies.