WTO adopts landmark global trade reform
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Geneva
THE World Trade Organization (WTO) has adopted the first worldwide trade reform in its history, after years of stalemate, months of deadlock and a final day's delay following an eleventh-hour objection.
The agreement means the WTO will introduce new standards for customs checks and border procedures. Proponents say streamlining the flow of trade will add as much as US$1 trillion and 21 million jobs to the world economy. "We have put our negotiations back on track," WTO director-general Roberto Azevedo told a news conference on Thursday held after trade diplomats applauded the end of their 19-year wait for a deal.
