World Trade Organization’s Bali Talks Yield a Deal
The World Trade Organization has come to a multilateral agreement on trade policy at its meeting in Bali, Bloomberg reports.
For the first time in the history of the World Trade Organization, all of the group’s members have agreed to a deal for establishing procedures and regulations on international trade. The deal, which was struck at the organization’s meeting in Indonesia, represents a major step forward in international cooperation in the field of free trade, something that has been a stumbling block for representatives of the WTO for the past 18 years.
In a development that is seen as a significant victory for Roberto Azevedo, the chief of the WTO, last-minute obstacles and disputes were overcome to reach the agreement as time wound down during the talks.
Especially disastrous could have been a point of contention that concerned India, which is set to implement a subsidy system that would be illegal under the new regulations, according to Bloomberg. After cooperating to negotiate a middle-ground solution to the problem, India will still be faced with the problem of reporting exactly how the country’s subsidy system is working to international authorities, though some demands were relaxed in order to gain the country’s approval for the overall agreement.