After a week of intense negotiations in Bali, WTO member states approved a final deal on trade facilitation

B20 Coalition (now known as the Global Business Coalition) congratulates Bali Conference leaders on their willingness to put aside differences and stand together for global prosperity

After a week of intense negotiations in Bali, WTO member states approved a final deal on trade facilitation, which is expected to cut trade costs globally by up to 10% and create 21 million net jobs, according to the Peterson Institute for International Economics. Perrin Beatty, President and Spokesperson of the B20 Coalition, declared on behalf of the Coalition members: The B20 Coalition welcomes the break-through in the Bali Ministerial Conference. The negotiators have been able to remove the last blockages for a package of measures to the benefit not only of the global community, but also each single WTO member country. This is a positive signal for world trade and confirms the WTO’s importance in the system of global trade.

Perrin Beatty also emphasised that,this agreement couldn’t come at a better time. Despite a modest recovery from the crisis, global growth and job creation continues to underwhelm. An outcome in Bali not only brings tangible benefits to businesses by reducing frictions in their supply chains, it signals the willingness of world leaders to overcome differences and stand together in pursuit of a more prosperous world.

The Bali Ministerial, the ninth of the Doha Round of trade negotiations launched back in 2001, was seen as a final test for the future of the WTO. Failure to announce even a modest outcome.The package covers trade facilitation, agriculture and development issues, but leaves out a number of others, would have damaged beyond repair the body’s credibility as a platform for further trade liberalization. In face of such threats to the global trading system, the B20 Coalition congratulates the trade ministers and negotiating teams on the political will demonstrated at Bali and during the preceding months. The WTO should build on the momentum generated by this important occasion and develop a clear action plan to resolve remaining issues in the Doha Round, which would return the body to its pre-eminent role in the global trading system.

Image: WTO/ANTARA