World Trade Organisation reaches $1tn trade deal

[unhappycamper]

http://www.irishtimes.com/news/world/asia-pacific/world-trade-organisation-reaches-1tn-trade-deal-1.1620923

World Trade Organisation reaches $1tn trade deal
Sat, Dec 7, 2013, 10:46

The World Trade Organisation reached its first ever trade reform deal today to the roar of approval from nearly 160 ministers who had gathered on the Indonesian island of Bali to decide on the make-or-break agreement that could add $1 trillion to the global economy

The approval came after Cuba dropped a last-gasp threat to veto the package of measures.

“For the first time in our history, the WTO has truly delivered,” WTO chief Roberto Azevedo told exhausted ministers after the talks which had dragged into an extra day on the tropical resort island.

“This time the entire membership came together. We have put the ‘world’ back in World Trade Organisation,” he said. “We’re back in business...Bali is just the beginning.”

[Demeter]

1. "Bali is just the beginning"

Last edited Sat Dec 7, 2013, 10:22 AM - Edit history (1)

That's what every patriotic, democratic 99%er is afraid of.

The idea behind the WTO is that if all countries play by the same trade rules, then all countries, rich or poor, will benefit.

But some critics say WTO rules may hinder countries from setting their own priorities in environmental protection, workers' rights, food security and other areas. And they say sudden reductions in import tariffs can wipe out industries, causing job losses in rich and poor countries.

The WTO was formed in January 1995 after the Uruguay Round trade negotiations spanning 1986-94 were completed...

http://www.theguardian.com/world/2013/dec/07/world-trade-organisation-confirms-long-awaited-deal