World Trade Organization WTO salvages historic $1 trillion trade deal

Published on Russia Today RT, Dec 6, 2013.

The World Trade Organization has formally approved a historic package of agreements after over a decade of negotiations. Trade talks among 159 world economies came to an end after Cuba dropped its objections to the draft agreement.

“For the first time in our history, the WTO has truly delivered,” WTO chief Roberto Azevedo said. “This time the entire membership came together. We have put the ‘world’ back in World Trade Organization.”  

Now, after finally being sealed, the WTO deal is expected to boost world trade by $1 trillion from a current estimate of $22 trillion, as well as ease customs red tape.

For a WTO deal to be passed, there must be either a consensus or support by all member states, but earlier on Friday Cuba threatened to veto the package of measures.

The latest delay of the trade agreement that has been on the table for almost two decades was largely unexpected, as even India that was seen as a potential objector welcomed the draft document.

“It is a victory for the WTO and for the global community to have arrived at a mature decision,” Indian Trade Minister Anand Sharma told reporters on Friday. “We are more than happy. It is a great day. It is a historic day.”

India at first rejected the deal because it jeopardizes food freedom for its 1 billion population – as the WTO wants to enact farm subsidy and tariff reductions that would put poor farmers at a disadvantage.

Indonesia, India, and other members of the G33 farming group, insisted that an agricultural subsidy should be limited to 10 percent of total production over four years, which is supposed to partially protect farmers from foreign imports.

Credibility at stake: … //

… (full text).


Video in french: petition concernant les vaccinations, dans Gesundheits Blog, le 8 décembre 20113;

Yanis Varoufakis Discuses Bitcoin and Litecoin on RT, 8.11 min, … Yves here: Yanis makes a couple of observations which won’t sit well with digital currency enthusiasts … (also on YouTube);

Did He Jump or Was He Pushed? The Mandela Years in Power, on Counterpunch, by PATRICK BOND, Dec 6-8, 2013;

The BLS Report Covering November 2013: Effects of the Government Shutdown Fade, Part Time Work Increases, on naked capitalism (first on Corrente), by Hugh, Dec 6, 2013;

The Logical End of Facebook’s Patents: Iron Cagebook, on Counterpunch, by DARWIN BOND-GRAHAM, Dec 3, 2013.

Comments are closed.