WTO overcomes last minute hitch to reach its first global trade deal

WTO overcomes last minute hitch to reach its first global trade deal


Director-General Roberto Azevedo gestures as he is congratulated by delegates after the closing ceremony of the ninth World Trade Organization (WTO) Ministerial Conference in Nusa Dua, on the Indonesian resort island of Bali December 7, 2013. (Pic: Reuters)


Randy Fabi– 07 December 2013
The World Trade Organization reached its first ever trade reform deal on Saturday to the roar of approval from nearly 160 ministers who had gathered on the Indonesian island of Bali to decide on the make-or-break agreement that could add $1 trillion to the global economy.

The approval came after Cuba dropped a last-gasp threat to veto the package of measures.
"For the first time in our history, the WTO has truly delivered," WTO chief Roberto Azevedo told exhausted ministers after the talks which had dragged into an extra day on the tropical resort island.

"This time the entire membership came together. We have put the 'world' back in World Trade Organization," he said. "We're back in business...Bali is just the beginning."

The talks, which had opened on Tuesday, nearly came unstuck at the last minute when Cuba suddenly refused to accept a deal that would not help pry open the U.S. embargo of the Caribbean island, forcing negotiations to drag into Saturday morning.

Cuba later agreed on a compromise with the United States.

Speaking today on his return from WTO's 9th Ministerial Conference in Indonesia, Minsiter for Jobs Richard Bruton T.D. welcomed the historic breakthrough in world trade negotiations that has been achieved.
“What was agreed in Indonesia is globally significant. It will cut customs red tape and bureaucracy, making it cheaper, smoother and quicker for exporters to sell internationally. It is highly significant for agriculture, trade facilitation and support for developing countries. It will help provide food security for billions of people, while opening new markets for less developed countries to sell more, helping their economies grow and take greater strides in tackling poverty," he said.

“This clearly shows that the WTO can deliver new trade rules to bring economic opportunity and benefits to business - and ultimately jobs - in developed and developing countries alike.”
But there was skepticism how much had really been achieved.

"Beyond papering over a serious dispute on food security, precious little was progress was made at Bali," said Simon Evenett, professor of international trade at the University of St Gallen in Switzerland. "Dealing with the fracas on food security sucked the oxygen out of the rest of the talks."

http://www.independent.ie/business/world/wto-overcomes-last-minute-hitch-to-reach-its-first-global-trade-deal-29818851.html