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WORLD

WTO Bali agreement expected to boost growth

10.12.2013 [13:18]
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Baku, December 10 (AZERTAC). At a conference in Bali, the World Trade Organization has agreed on a package to liberalize global trade. Experts see this as a chance to boost growth but caution that further steps are needed in the future.

Roberto Azevedo, head of the World Trade Organization (WTO) described the Bali agreement as a historic moment. With tears in his eyes he said that "for the first time in our history, the WTO has truly delivered."

The Bali package agreed on by the WTO plans to tackle trade barriers. Especially bureaucracy is to be the target of the reforms: fewer receipts, official documents and certificates - in other words, changes that would make trade easier.

Import taxes and agricultural subsidies are also to be lowered as they make it more difficult for poorer countries to compete with Europe or the US. "This will boost world trade," said Jürgen Matthes of the German Institute for Economic Research.

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