WTO Delivers Historic Shot In Arm To Global Trade Talks
Law360, New York (December 9, 2013, 8:07 PM EST) -- A World Trade Organization agreement to cut red tape at borders and support trade in developing countries is estimated to boost the world economy by billions of dollars, but experts believe the bigger victory is the signal it sends that the WTO can reach consensus after years of failure.
Following the WTO's ninth ministerial conference in Bali, Indonesia, the organization announced on Saturday that a deal had been cut on a package of trade concessions after several days of “round-the-clock” discussions. The so-called Bali package — which represents a portion of the WTO's broader Doha Development Agenda and marks the first...
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