[While rosy projections are being made about the likely impact of the "deal", the proof of the pudding would obviously be in the eating. What, however, bears mentioning that the WTO has 160 members and 24 observers. The members include, among others: Cuba, Venezuela, Bolivia, Ecuador, Russia, China (see: <http://wto.org/english/thewto_e/whatis_e/tif_e/org6_e.htm>). The deal has been concluded on the basis of "consensus".
I/III. http://www.thehindubusinessline.com/economy/macro-economy/wto-clinches-first-global-trade-deal-in-its-history/article6640572.ece WTO clinches first global trade deal in its history REUTERS Geneva, November 27: ***The World Trade Organization adopted the first worldwide trade reform in its history on Thursday, after years of stalemate, months of deadlock and a final day's delay following an eleventh-hour objection [by Argentina]*** [Emphasis added.]. ***The agreement means the WTO will introduce new standards for Customs checks and border procedures. Proponents say that will streamline the flow of trade around the world, adding as much as $1 trillion and 21 million jobs to the world economy.*** [Emphasis added.] "It's all agreed," a WTO official said outside the closed-door WTO meeting in Geneva, after trade diplomats applauded the end of their 19-year wait for a deal. (This article was published on November 27, 2014) II/III. http://indianexpress.com/article/business/business-others/after-food-security-consensus-wto-clinches-first-global-trade-deal-in-its-history/ After food security consensus, WTO clinches first global trade deal in its history ENS Economic Bureau | New Delhi | Posted: November 28, 2014 1:37 am The stage was set on Thursday in Geneva for a multilateral boost to the stagnant global trade. ***The World Trade Organization removed, by a special general council resolution, the perceived ambiguity over the permanency of a peace clause for the benefit of developing countries breaching limits set on product-specific support to agriculture. It also approved a protocol on the trade facilitation agreement (TFA), meant to add $1 trillion to the global economy by easing customs rules.*** [Emphasis added.] Commerce secretary Rajeev Kher confirmed that the WTO general council at Geneva approved the deal late on Thursday. Commerce minister Nirmala Sitharaman will make a statement in Parliament soon, he added. This is the first major deal for trade reform in the WTO's 19-year chequered history, and was supported by all its 160-member countries. A July 31, 2014, deadline for finalising the TFA protocol could not be met as India, with support from a tiny group of developing countries, insisting that their concerns on public stockholding for the food security purpose be addressed with the same seriousness as TFA, for the world body's December 2013 Bali package to be implemented. ***What enabled Thursday's resolution is an agreement between the US and India in the run-up to the G-20 summit at Brisbane in Australia, underlining the perpetual nature of the peace clause till a lasting solution to the vexed issue is found.*** [Emphasis added.] The ice was broken during Prime Minister Narendra Modi's meeting with US President Barack Obama in Washington in late September. ***The peace clause ensures that WTO members will not challenge developing countries' food security programmes at the WTO dispute settlement body until a permanent solution regarding this issue has been agreed on and adopted.*** [Emphasis added.] FE III. http://www.reuters.com/article/2014/11/27/us-wto-agreement-idUSKCN0JB1T020141127 WTO clinches first global trade deal in its history By Tom Miles GENEVA Thu Nov 27, 2014 12:25pm EST World Trade Organization (WTO) Director-General Roberto Azevedo (R) gestures before a special meeting of the General Council Preparatory Committee on Trade Facilitation at the WTO headquarters in Geneva November 27, 2014. REUTERS/Denis Balibouse World Trade Organization (WTO) Director-General Roberto Azevedo (R) gestures before a special meeting of the General Council Preparatory Committee on Trade Facilitation at the WTO headquarters in Geneva November 27, 2014. Credit: Reuters/Denis Balibouse (Reuters) - The World Trade Organization adopted the first worldwide trade reform in its history on Thursday, after years of stalemate, months of deadlock and a final day's delay following an eleventh-hour objection. The agreement means the WTO will introduce new standards for customs checks and border procedures. Proponents say streamlining the flow of trade will add as much as $1 trillion and 21 million jobs to the world economy. "We have put our negotiations back on track," WTO Director-General Roberto Azevedo told a news conference held after trade diplomats applauded the end of their 19-year wait for a deal. However, he said WTO members needed to find a way to speed up negotiations in the future. "We cannot wait another 17 or 18 years to deliver again," he said. U.S. Trade Representative Michael Froman said the agreement could substantially reduce transaction times and costs and would unlock new opportunities for both rich and poor countries. He said it was a "particularly important win for small and medium-sized businesses in all countries". Still, the agreement is just a fraction of the original Doha Round of trade talks begun in 2001, which eventually proved impossible to agree on. The WTO cut back its ambitions and aimed for a much smaller deal. Even that was blocked by a four-month standoff caused by India, which had vetoed adoption of the reform package as the original deadline passed at midnight on July 31. India demanded more attention be given to its plans to stockpile subsidized food, in breach of the WTO's usual rules. A compromise on wording reached by the U.S. and Indian governments broke the deadlock. India's WTO ambassador Anjali Prasad declined comment. The reform package adopted on Thursday was agreed at a WTO meeting in Bali in December last year. Its passage is widely seen as opening up progress toward further global negotiations, the content of which is due be laid down by July 2015. That should reassure smaller nations in the 160-member WTO. Many had feared India's tough stance would prompt the United States and the European Union to turn their backs on the WTO and concentrate on smaller trading clubs instead, ending hopes of trade reforms benefiting all. European Trade Commissioner Cecilia Malmstrom said the agreement had confirmed the WTO's role at the center of international trade policy. "In short: the WTO is back in business." (Reporting by Tom Miles; Editing by Larry King) -- Peace Is Doable -- You received this message because you are subscribed to the Google Groups "Green Youth Movement" group. To unsubscribe from this group and stop receiving emails from it, send an email to [email protected]. 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