Hopes brighten for Bali deal at WTO meeting
NUSA DUA, Indonesia (AFP) - Negotiations on a global trade package considered crucial to the World Trade Organisation’s future went into overtime on Friday, with hopes for a deal brightening as former holdout India backed a revised version.
New WTO chief Roberto Azevedo, of Brazil, is pushing world commerce ministers to agree on a set of measures at a conference on the Indonesian resort island of Bali.
The package is relatively modest compared to the WTO’s broad vision of tearing down trade barriers around the world. But it would nevertheless mark the first global deal struck by the body since its 1995 founding.
The meeting began on Tuesday with stark warnings from ministers that the Geneva-based WTO’s credibility as the arbiter of global trade negotiations would be severely wounded if it could not deliver on even the limited Bali deal.