What Brings Bali Package To Global Traders?

The World Trade Organization (WTO) reached its first trade reform deal on Saturday with the approval of nearly 160 ministers, who had gathered on the Bali to decide on the make-or-break agreement that could add $1 trillion to the global economy. The approval came after four Latin American countries gave up rejection to the package.

The elements of the Doha Round, that are likely to be finalized at the WTO Ministerial in Bali, are trade facilitation, agriculture and duty-free quota-free market access for the least developed countries. There are also other issues on the agenda for the meeting, the most important of these being expansion of the WTO International Technology Agreement. The decisions at the meeting are important "mile stones" to the completion of the Doha Development Round.