KEYWORDS TODAY:   UkraineDonetskSouth Stream

WTO Approves Historic Trade Package

World | December 7, 2013, Saturday // 16:36| Views: 791 | Comments: 2
  • Send to Kindle
Bulgaria: WTO Approves Historic Trade Package Photo by EPA/BGNES

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.

World » Be a reporter: Write and send your article
Tags: WTO, World Trade Organization, Jose Manuel Barroso All Are Welcome! Join Now!

Leave a comment

» To the forumComments (2)
Legal Eyes - 8 Dec 2013 // 01:48:44

"There is no doubt that the United States now feels that they are the only superpower in the world and they can do what they like." - Nelson Mandela

BobClinton - 8 Dec 2013 // 01:38:18

TPP is quite the piece of work. Read the fine print!

Youtube - TPP: The Biggest Threat to the Internet You've Probably Never Heard Of

Bulgaria news (Sofia News Agency - is unique with being a real time news provider in English that informs its readers about the latest Bulgarian news. The editorial staff also publishes a daily online newspaper "Sofia Morning News." (Sofia News Agency - and Sofia Morning News publish the latest economic, political and cultural news that take place in Bulgaria. Foreign media analysis on Bulgaria and World News in Brief are also part of the web site and the online newspaper. News Bulgaria