WTO Reaches Its First Ever Trade Deal at Bali Meeting

The World Trade Organization reached its first ever trade reform deal on Saturday, 7 December 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," a tearful WTO Chief Roberto Azevedo said.

"This time the entire membership came together. We have put the 'world' back in World Trade Organization," he said.

The talks had dragged into an extra day after Cuba at the last minute refused to accept a deal that would not help pry open the U.S. embargo of the Caribbean island. It later agreed on compromise language with the United States.

The agreement marks WTO's first global trade agreement since it was created in 1995 and rescues the WTO from the brink of failure and will rekindle confidence in its ability to lower barriers to trade worldwide, after 12 years of fruitless negotiations.

Draft Bali Ministerial Declaration

· WT/MIN/DEC/W/1/Rev.1 The Draft Bali Ministerial Declaration

The draft makes reference to the following draft texts for adoption by ministers:

PART I — REGULAR WORK UNDER THE GENERAL COUNCIL

· TRIPS Non-violation and Situation Complaints — Draft Ministerial Decision — WT/MIN(13)/W/2

· Work Programme on Electronic Commerce — Draft Ministerial Decision — WT/MIN(13)/W/3

· Work Programme on Small Economies — Draft Ministerial Decision — WT/MIN(13)/W/4

· Aid for Trade — Draft Ministerial Decision — WT/MIN(13)/W/5

· Trade and Transfer of Technology — Draft Ministerial Decision — WT/MIN(13)/W/6

PART II — DOHA DEVELOPMENT AGENDA

Trade Facilitation

· Agreement on Trade Facilitation — Draft Ministerial Decision — WT/MIN(13)/W/8

Agriculture

· General Services — Draft Ministerial Decision — WT/MIN(13)/W/9

· Public Stockholding for Food Security Purposes — Draft Ministerial Decision — WT/MIN(13)/W/10

· Understanding on Tariff Rate Quota Administration Provisions of Agricultural Products, as Defined in Article 2 of the Agreement on Agriculture — Draft Ministerial Decision — WT/MIN(13)/W/11

· Export Competition — Draft Ministerial Declaration — WT/MIN(13)/W/12

Cotton

· Cotton — Draft Ministerial Decision — WT/MIN(13)/W/13

Development and LDC issues

· Preferential Rules of Origin for Least-Developed Countries — Draft Ministerial Decision — WT/MIN(13)/W/14

· Operationalization of the Waiver Concerning Preferential Treatment to Services and Service Suppliers of Least-Developed Countries — Draft Ministerial Decision — WT/MIN(13)/W/15

· Duty-Free and Quota-Free Market Access for Least-Developed Countries — Draft Ministerial Decision — WT/MIN(13)/W/16

· Monitoring Mechanism on Special and Differential Treatment — Draft Ministerial Decision — WT/MIN(13)/W/17