- Trade boost: Iran for removal of banking restrictions with IndiaBetter to have no agreement than a bad one, Anand Sharma at World Trade Organization meetNo consensus yet over trade facilitation, food subsidy at World Trade Organization meet in BaliGlobal trade deal seen 'very close', India makes World Trade Organisation sweat
first major decision or agreement that has been reached ever since the WTO was established.
"The previous agreement based on the Uruguay round was inherently imbalanced and flawed. The balance was against the developing countries and that is why support was mobilised and it became an imperative to launch a new round of negotiations, which is the Doha Development Agenda."
Due to the meeting, the closing session of the ministerial summit is likely to be extended. The World Trade Organization chief is likely to make a formal statement late Friday night.
If the package is approved, it will be the first global trade deal in over 12 years and will help restore credibility to the World Trade Organization.