Trade negotiators hailed the last-minute agreement on a free trade deal that was reached Saturday at the World Trade Organization's (WTO) ministerial conference on Bali, stressing that it would especially boost developing economies, according to dpa. "It is only through multilateral agreements that many of the poorest and most vulnerable countries can truly benefit from international trade," Indonesian Trade Minister Gita Wirjawan said, after the deal was clinched on the fifth days of talks on the Indonesian island. The so-called Bali package is the first international trade treaty that the 159-member WTO has managed to negotiate in nearly 20 years. It will give "a real boost to the global economy," European Commission President Jose Manuel Barroso predicted. His continent has been struggling to leave its economic crisis behind. "Potential gains for the global economy could be as high as 1 trillion dollars," Barroso said in a statement released Saturday. "The agreement will bring vital help to the poorest people across the globe in the least developed countries." The European Union will provide 400 million euros (548 million dollars) over five years to help developing countries implement the deal. EU Trade Commissioner Karel De Gucht argued that the investment will lead to "considerable" returns when it comes to growth, jobs and development. The package aims to simplify bureaucratic procedures hampering trade. It also contains measures to help poor countries access developed and emerging markets, as well as other aid measures. The deal also foresees the lowering of agricultural subsidies. "This deal will help developing countries save around 325 billion euros per year," De Gucht said. Trade ministers also pointed out that the successful outcome of the talks helped unblock the stalled Doha round of negotiations, which was started in 2001 with the agenda to help developing countries implement the WTO's free trade rules. "Congratulations on not only keeping the Doha Development Agenda alive, but giving us all new energy and new confidence to conclude the Doha Round," Wirjawan said. Formal agreement on the negotiated draft texts was delayed on Saturday as Cuba insisted for several hours that the five-decade-old US economic embargo imposed on the Communist Caribbean country be lifted. But a far bigger stumbling block was removed already Friday when negotiators found a solution for India's demand that it be allowed to subsidize agricultural products to feed the poor. Under the compromise reached, India will not be allowed to continue this policy forever, but only for four years. India will also have to ensure that its products do not end up being exported to other markets, where they could deflate prices. "For the first time in our history: the WTO has truly delivered," the organization's director general, Roberto Azevedo, said. Leaders at the conference stressed that the Bali agreement was key for making sure that the WTO stays relevant amid recent efforts by the US, the EU, China and others to conclude regional rather than global deals. "WTO members have demonstrated that we can come together as one to set new rules that create economic opportunity and prosperity for our nations and our peoples," US Trade Representative Michael Froman said. "Today, we have saved the WTO and the Bali package," De Gucht added.
