Tuesday, Apr 22, 2014Tuesday, Apr 22, 2014
SE Asia
 

WTO hails 'historic' first global trade agreement

Published on Dec 7, 2013 11:00 PM
PRINT EMAIL
 
Indonesia's Trade Minister Gita Wirjawan (third from left), WTO Director General Roberto Azevedo (second from left) applaud during the closing ceremny after success with final agreement of the World Trade Organisation (WTO) conference in Nusa Dua, on Indonesian resort island of Bali, on Dec 7, 2013. Commerce ministers capped days of hard negotiations Saturday, Dec 7, 2013, by approving a WTO agreement on international commerce they hailed as a "historic" boost for the trade body. -- PHOTO: AFP

NUSA DUA, Indonesia (AFP) - Commerce ministers capped days of hard negotiations Saturday by approving a World Trade Organisation (WTO) agreement on international commerce they hailed as a "historic" boost for the trade body.

The agreement still falls far short of the WTO's lofty but elusive vision of tearing down global trade barriers through its frustrating, 12-year-old Doha Round of talks.

But the accord reached on the Indonesian resort island of Bali nevertheless marks the first global agreement struck by the Geneva-based body since its 1995 founding.

"For the first time in our history, the WTO has truly delivered," an exhausted but relieved WTO director-general Roberto Azevedo told a closing ceremony.

 
If you are not a subscriber, you can get instant, unlimited access here

Videos