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. Boosting growth The new export opportunities should give a welcome boost to global growth in light of the current slow economic development. “It will take a while until customs standards will be implemented in poorer countries, but there will be assistance for that,” explained Rolf Langhammer, former vice president of the Kiel Institute for the World Economy. The attempt to finally do away with limits on agricultural trade is a positive sign, he believes. In future, trade barriers for agriculture could be replaced… Read full this story
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