WTO makes trade negotiation breakthrough at Bali meeting
The World Trade Organisation (WTO) on December 7 reached a breakthrough in its multilateral trade negotiation by sealing its first-ever trade package at its ninth ministerial meeting in Bali, Indonesia.
The World Trade Organisation (WTO) on December 7 reached a breakthroughin its multilateral trade negotiation by sealing its first-ever tradepackage at its ninth ministerial meeting in Bali, Indonesia.
The adoption of the “full Bali package” at the closing ceremony is abreakthrough that marks a historic progress for the 12-year stagnantDoha negotiation round.
The deal includescommitments that facilitate trade activities by simplifying customsprocedures and removing trade barriers.
Some economists said that the agreement may bring 1,000 billion USD to the world economy.
The decisions at the meeting are "important stepping stones to thecompletion of the Doha Development Round," said WTO Director GeneralRoberto Azevedo.
During the conference, theministers also discussed several other issues such as increasing supportfor least developed countries (LDCs) to join WTO, realising commitmentto preventing trade protection, e-commerce, intellectual property,information technology and government purchases.
Also at the event, Yemen officially became the 160 th member of theorganisation and the 7 th member of the LDCs group.
The expansion showed that WTO remains an important global tradeorganisation that has a great influence on the economic-tradedevelopment strategies of all countries and territories worldwide.-VNA
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