WTO sees global trade pact within two weeks

[BRISBANE] The World Trade Organization said on Friday there was a "high probability" that a major deal on streamlining global customs rules will be implemented within two weeks after an agreement was reached between India and the United States to overcome a key impasse.

"I would say that we have a high probability that the Bali package will be implemented very shortly," WTO Director-General Roberto Azevedo said, referring to the Trade Facilitation Agreement agreed on the Indonesian island.

"I'm hopeful that we can do it in a very short period of time, certainly within the next two weeks," Mr Azevedo, speaking ahead of a Group of 20 Leaders Summit in Brisbane, said.

India and the United States settled a dispute on Thursday that had paralysed the WTO and risked derailing the reforms, that are seen adding about US$1 trillion to global trade.

REUTERS