WTO talks breakthrough
The World Trade Organisation (WTO) talks in Bali which were attended by 159 countries have seen a breakthrough which will simplify the procedures for doing business across borders. The deal will also see rich and developed countries lower their tariffs on products from the poorest countries.
The deal has its critics and not everyone was happy including South American countries and India who feel that the new deal could threaten some of their subsidies to local producers. Nevertheless the deal is said to be worth an additional $1 trillion to world trade.
The details are complex and for those who are interested in individual sectors the main links are below:
You can find the full text of the press announcement and various concluding remarks here.
You can find the revised draft of the Bali Ministerial declaration here.
For links to each of the detailed ministerial decisions please look here.