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Last Updated:[16-12-2013 00:53:10 EDT] Zoom in Zoom out Back to Tradenews

WTO thumps its Authority- Finalises the Biggest Global Trade Agreement

tradenews Amidst a looming chance of failure, the World Trade Organization (WTO) has finalised upon a ‘one-of-its-kind’ first ever trade reform deal on Saturday, December 7, 2013. In the idyllic Indonesian island of Bali, a chorus of 160 ministers from member states applauded this ‘brave and timely’ decision that is likely to input over $1 trillion to the global economy. Experts believe that this decision amounts to the greatest economic reform measure that was expected from the WTO.

Cuba, one of the most volatile members of the WTO, had threatened to boycott the terms laid out by the WTO. Cuba was concerned that the deal did not mention measures that would help ease the current US restriction on trade in this communist Caribbean island. However, a last minute compromise with the United States allowed Cuba to side with the agreement. The mood in the summit suddenly went from disappointment to uncontrolled jubilation. ‘For the first time in our history, the WTO has truly delivered’ beamed the happy WTO Chief Roberto Azevedo.

The talks had started with India insisting that it was in favour of an agreement only if there were compromises included on food subsidies. India, who is stockpiling food to feed its poor under a governmental program, was highly applauded for taking a firm stand on behalf of the economically backward classes of the world. While such a compromise wasn’t included- the WTO working committee strongly advocated a permanent solution for this problem within the next four years, sending India home happy.

This important deal comes at the right time, the biggest global trade agreement chaperoned by the WTO since its inception in 1995. The waning confidence in the trade governing body will be salvaged, and its ability to ease the worldwide trade scene will not be openly questioned. Of course, the deal must still be approved by each individual member government of the WTO- but at this point, it looks just as a mere afterthought. This agreement, so tirelessly pursued, is seen as a boon to both developing and developed countries alike.

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