WTO Back on Track After Bali

11-12-2013

An agreement on trade reached through the World Trade Organisation in Bali will likely reduce global trading costs by 10-15 %. Red tape is likely to be substantially reduced. While the deal includes some new provisions on agriculture, the issue remains a thorny one among negotiating parties. The package also includes concessions on market access for developing countries. The Bali ministerial meeting marked good progress, but there remains much to be done before the WTO can conclude the Doha Development Round. The global trading system has changed since the Doha round was initiated, and this should be taken into account.

An agreement on trade reached through the World Trade Organisation in Bali will likely reduce global trading costs by 10-15 %. Red tape is likely to be substantially reduced. While the deal includes some new provisions on agriculture, the issue remains a thorny one among negotiating parties. The package also includes concessions on market access for developing countries. The Bali ministerial meeting marked good progress, but there remains much to be done before the WTO can conclude the Doha Development Round. The global trading system has changed since the Doha round was initiated, and this should be taken into account.