Bali ( AsiaNews /
Agencies) - For the first time in its history , the World Trade Organization (WTO)
has reached an agreement to liberalize global economic trade and improve the
food security programs in countries in the developing world. All
of the 159 nations of the WTO signed the Treaty of Understanding today in Bali
(Indonesia), after more than a week of talks.
"For
the first time - said Roberto Azevedo , Director General of the WTO - the World
Trade Organization has really lived up to his promises ." The
agreement reached is in fact the first to involve all Member States, since the
creation of the WTO in 1995. According
to analysts , the agreement could lead to trillions of dollars for the global
economy.
Specifically,
the agreement will facilitate trade and make it easier for poorer countries to
sell their products.
The
trade ministers of 159 countries discussed until the agreement until the early
hours of the morning. At
first, it seemed that the agreement would be once again postponed. India
was among the most "critical" countries, refusing to compromise in
the agreement to abolish the ceiling on agricultural subsidies imposed by the
WTO, claiming these serve to implement food programs . Even
Cuba threatened a last minute veto, if the U.S. had not agreed to an easing of
sanctions.