Historic trade deal at WTO summit - Bali

Indonesian trade minister Gita Wiryawan, right, shakes hands with World Trade Organisation 

director general Roberto Azevedo during the closing ceremony in Bali. (AP/Firdia Lisnawati)

Indonesia's dream tourists place Bali was the host to a historic deal to boost global trade, approved by the World Trade Organisation's 159 member economies for the first time in nearly 20 years.

Overwhelmed by the deal, WTO director general Roberto Azevedo shed tears during the summit's closing ceremony as he thanked host nation Indonesia, WTO member countries and his wife.

"We have put the world back into the World Trade Organisation," he said. "For the first time in our history, the WTO has truly delivered."

The talks were threatened at the 11th hour when Cuba objected to removal of a reference to the decades-long US trade embargo that Cuba wants lifted.

Besides, India had also been an obstacle because of its vociferous objections to provisions that might endanger grain subsidies aimed at ensuring its poor get enough to eat.

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WTO approves EU duty waiver for Pakistan

The World Trade Organization has approved a European Union waiver on duties for 75 products from Pakistan, a scheme intended to boost textile exports to help Pakistan recover from massive floods in 2010.

Other textile exporters, such as Brazil, India, Indonesia and Bangladesh, had opposed the plan but dropped their objections after the EU amended the scheme to use tariff rate quotas on 20 products rather than full liberalization.

[ via The News / 2 Feb ]

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Russia joins WTO

[ via 702 ABC Sydney ] 17 Dec

After 18 years of negotiations Russia has been approved for membership in the World Trade Organisation. Talks on joining the international trade body have dragged on for 18 years. Members of the organisation have finally agreed to its accession.

Russia's bid for entry had been held up by WTO member Georgia since the two countries fought a war in 2008. Russia hopes to boost exports of minerals, but a large number of domestic industries, such as car makers, will face new competition.

Russia is the largest economy in the world that was not a part of the WTO. 

It is also expected food imports will soar and prices will fall as tariffs are reduced.A member of the Russian delegation to the WTO, Anatoly Chubais, says his country is increasingly opening itself up to the world.

Read full story for details.

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WTO a Boon to Finnish Paper Industry

The Moscow Times 29 Nov

Finnish paper mills will get a rare boost from lower costs once Russia enters the World Trade Organization and cuts its export duties on raw wood, the Moscow Times reports quoting the Finnish business lobby.

The Finnish paper industry, led by forest groups like Stora Enso, UPM-Kymmene and Metsaliitto, had its problems exacerbated as Russia hiked its wood tariffs a few years ago, seeking to lure investment from foreign paper companies onto its soil.

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Bangladesh thwarts EU help for Pakistan at WTO

Full Story: Express Tribune 9 November

Bangladesh has thwarted a European attempt to grant beneficial import conditions to Pakistani textile makers as an aid measure following Pakistan’s devastating floods last year, diplomats said on Tuesday, reports Express Tribune

Bangladesh which competes with Pakistan for textiles sales to the European market, halted a long-announced plan for trade preferences for Pakistani textile makers to be approved during a meeting of trade diplomats in Geneva on Monday.

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