SANTIAGO, Dec. 9 (Xinhua) -- The World Trade Organization (WTO)'s latest deal reached in Bali, Indonesia, will greatly reduce agriculture export subsidies, which is good for developing nations like Chile, the country's finance minister Felipe Larrain said Monday.
Approved at a WTO ministerial conference held in Bali at the weekend,the Bali Package was the first large agreement for global elimination of trade barriers.
Larrain said the deal marked the first time that the WTO agreed on three fundamental points, including reducing agriculture export subsidies.
The second is trade facilitation through the reduction of paperwork, and the third one is WTO's decision to reduce the tariffs to the most vulnerable members and even the elimination in certain cases, he added.
The package will reduce about 10 percent in international trade costs and this means a significant increase of world trade and the creation of wealth and jobs, especially in the less developed and most vulnerable members, Larrain added.
Video >>> Historic trade package sealed at WTO Bali meeting
Historic trade package sealed at WTO Bali meeting
BALI, Indonesia, Dec. 7 (Xinhua) -- The 159-member World Trade Organization (WTO) has on Saturday reached a breakthrough in its multilateral trade negotiation by sealing its first-ever trade package at its ninth ministerial meeting after four Latin American countries gave up rejection to the package. Full story
Bali global trade deal benefits everyone: experts
BALI, Indonesia, Dec. 7 (Xinhua) -- The global trade deal clinched by ministers of the WTO's 159 members here marks the victory for the World Trade Organization (WTO) and benefits everyone, diplomats and experts shared with Xinhua Saturday.
The bulk of the trade deal or the Bali Package was signed to streamline trade, give developing countries more options for food security, boost least developed countries' trade and help development more generally. Full story
WTO chief hails significant advance at Bali summit
BALI, Indonesia, Dec. 7 (Xinhua) -- World Trade Organization ( WTO) Director-general Roberto Azevedo Saturday said that the institution has "truly delivered" for the first time in its history after a breakthrough in multilateral trade negotiation has been made at its ninth ministerial meeting in Bali, Indonesia.
"The full Bali package" which consists of 10 documents in the areas of trade facilitation, agriculture and development was adopted by the institution's 159 members came after extended overnight talks. Full story
WTO completes Bali trade deal draft for member approval
BALI, Indonesia, Dec.6 (Xinhua) -- A draft ministerial declaration of the WTO's 9th Ministerial Conference has been completed and submitted to trade chiefs of its 159 members for final reviewing after four days of intensive negotiations, according to the WTO.
The draft came hours after the ministerial meeting, which is scheduled to close Friday afternoon, was extended without announcement of an exact closing time. Full story