WTO Meetings In Bali Produced Deal With $1 Trillion In Potential Global Economic Impact

After several days of meetings, the World Trade Organization (WTO) reached agreement on a package of issues designed to streamline trade, allow developing countries more options for providing food security, boost least developed countries’ trade and help development more generally.

The Bali Package has sometimes been described as the first major agreement among WTO members since it was formed in 1995 under agreements from the 1986-94 Uruguay Round negotiations. The most significant for global commerce is the trade facilitation part of the package, which is about cutting red tape and speeding up port clearances.

Much of the rest of the package focuses on various issues related to development, including food security in developing countries and cotton and a number of other provisions for least developed countries.

The agreement was praised by Boeing, which said in a statement: "The trade agreement announced this past weekend is a positive development for global trade and for the millions of Americans who provide products and services to global markets. The Trade Facilitation Agreement that is the centerpiece of the package is especially important because it will cut red tape at borders throughout the world and boost global economic activity. Companies large and small will now find it simpler, faster and less costly to access the markets of the 159 member nations of the World Trade Organization. We commend the Administration's negotiating team, led by U.S. Trade Representative Michael Froman, for its leadership in guiding what were oftentimes difficult negotiations to a successful conclusion."

FMI: www.wto.org, www.boeing.com