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Historic deal puts 'world' back into the World Trade Organisation: WTO chief

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Historic deal puts 'world' back into the World Trade Organisation: WTO chief

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The World Trade Organisation (WTO) has reached an historic deal on global commerce.

The agreement confirmed in Bali, Indonesia, reduces barriers to exports for the world’s poorest nations and according to experts it could add one trillion dollars to the global economy.

It came after Cuba stood down on threats to veto the deal over the US-embargo on the island’s goods, and India was granted temporary relief over farming subsidies.

When trade ministers arrived for the meeting there was little hope of a deal being made after 12 years of talks.

But WTO chief Roberto Azevedo relished the moment, announcing: “We have put the world back in the World Trade Organisation.”