Pact seen adding $1 trillion to global economy

Ministers from 160 countries adopted a new World Trade Organization agreement on Saturday.

The World Trade Organization WTO) adopted a historic agreement on Saturday in Bali, when ministers from 160 countries adopted an agreement that could contribute $1 trillion to the global economy. However, all the countries will have to ratify the agreement.

The new trade agreement is considered a major achievement for the WTO, as it is the organization first global agreement since it was founded in 1995. Under the agreement, trade barriers will be lowered, and member states will allow more rapid movement of goods. Poor countries will also benefit from preferential conditions on the movement of goods, cutting red tape, and speeding up port clearances.

Analysts believe that, over time, the agreement could boost the global economy by hundreds of billions of dollars, and create up to 20 million jobs, mainly in emerging markets.

"For the first time in our history: the WTO has truly delivered,” said WTO Director General Roberto Azevêdo.

Published by Globes [online], Israel business news - www.globes-online.com - on December 8, 2013

© Copyright of Globes Publisher Itonut (1983) Ltd. 2013

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