The World Trade Organization reached its first ever trade reform deal

[BetOnDinar]

 

Director-General Roberto Azevedo gestures as he is congratulated by delegates after the closing ceremony of the ninth World Trade Organization (WTO) Ministerial Conference in Nusa Dua, on the Indonesian resort island of Bali December 7, 2013. (Pic: Reuters)

 

 

 

Randy Fabi – 07 December 2013

The World Trade Organization reached its first ever trade reform deal on Saturday to the roar of approval from nearly 160 ministers who had gathered on the Indonesian island of Bali to decide on the make-or-break agreement that could add $1 trillion to the global economy.

 

The approval came after Cuba dropped a last-gasp threat to veto the package of measures.

 

"For the first time in our history, the WTO has truly delivered," WTO chief Roberto Azevedo told exhausted ministers after the talks which had dragged into an extra day on the tropical resort island.

 

"This time the entire membership came together. We have put the 'world' back in World Trade Organization," he said. "We're back in business...Bali is just the beginning."

 

The talks, which had opened on Tuesday, nearly came unstuck at the last minute when Cuba suddenly refused to accept a deal that would not help pry open the U.S. embargo of the Caribbean island, forcing negotiations to drag into Saturday morning.

 

Cuba later agreed on a compromise with the United States.

 

Speaking today on his return from WTO's 9th Ministerial Conference in Indonesia, Minsiter for Jobs Richard Bruton T.D. welcomed the historic breakthrough in world trade negotiations that has been achieved.

 

“What was agreed in Indonesia is globally significant. It will cut customs red tape and bureaucracy, making it cheaper, smoother and quicker for exporters to sell internationally. It is highly significant for agriculture, trade facilitation and support for developing countries. It will help provide food security for billions of people, while opening new markets for less developed countries to sell more, helping their economies grow and take greater strides in tackling poverty," he said.

 

“This clearly shows that the WTO can deliver new trade rules to bring economic opportunity and benefits to business - and ultimately jobs - in developed and developing countries alike.”

 

But there was skepticism how much had really been achieved.

 

"Beyond papering over a serious dispute on food security, precious little was progress was made at Bali," said Simon Evenett, professor of international trade at the University of St Gallen in Switzerland. "Dealing with the fracas on food security sucked the oxygen out of the rest of the talks."

 

The talks had begun under a cloud because of an insistence by India at the outset that it would only back an agreement if there was a compromise on food subsidies because of its massive program for stockpiling food to feed its poor.

 

India, which will holds elections next year, won plaudits at home for taking a stand on behalf of the world's poor.

 

An eventual compromise was greeted with jubilation by Trade Minister Anand Sharma. While India had insisted on a permanent exemption from the WTO rules, the final text aimed to recommend a permanent solution within four years.

But the agreement is a milestone for the 159 WTO members, marking the organization's first global trade agreement since it was created in 1995.

 

It also rescues the WTO from the brink of failure and will rekindle confidence in its ability to lower barriers to trade worldwide, after 12 years of fruitless negotiations.

 

The deal would lower trade barriers and speed up the passage of goods through customs. Analysts estimate that over time it could boost the world economy by hundreds of billions of dollars and create more than 20 million jobs, mostly in developing countries.

 

It still needs to be approved by each member government.

 

"It is good for both developed and developing members alike," U.S. Trade Representative Michael Froman said.

 

A study by the Washington, D.C.-based Peterson Institute of International Economics estimated the agreement would inject $960bn (€700bn) into the global economy and create 21 million jobs, 18 million of them in developing nations. 

 

The deal slashes red tape at customs around the world, gives improved terms of trade to the poorest countries, and allows developing countries to skirt the normal rules on farm subsidies if they are trying to feed the poor.

 

The ministers had gathered with a clear warning that failure to reach agreement in Bali would turn the WTO into an irrelevance and trigger a rush towards regional and bilateral trade pacts.

 

It came almost 20 years to the day since a similar nail-biting conclusion to another marathon negotiation - the talks to agree the creation of the WTO itself, which wrapped up in mid-December 1993. That was the last global trade deal.

 

The Bali meeting was also noticeable for its lack of anti-WTO protests compared to the street battles when ministers met in Seattle 14 years ago.

 

The Bali accord will help revive confidence in the WTO's ability to negotiate global trade deals, after it consistently failed to clinch agreement in the Doha round of talks that started in 2001 and proved hugely over-ambitious.

 

As the Doha round stuttered to a halt, momentum shifted away from global trade pacts in favor of regional deals such as the Trans-Pacific Partnership that the United States is negotiating with 11 other countries, and a similar agreement it is pursuing bilaterally with the European Union.

 

Reuters

 

Source:  http://www.independent.ie/business/world/wto-overcomes-last-minute-hitch-to-reach-its-first-global-trade-deal-29818851.html

 

 

[SocalDinar]

Ok

I'll ask . What does this have to do with Iraq?

[idplzr]

Ok

I'll ask . What does this have to do with Iraq?

Ditto

[jeepguy]

hoping  that  2 or  3  of  those 160  ministers  were from Iraq , to accept the introduction  in too   w.t.o.    so far  we have only  seen this  article  , maybe  Monday  or Tuesday  they will put out the countries  affected  by this  agreement  ....  although  it might not have any points to  the currency  re-values ,  it might  give the dinar international  standing  and be recognized   

also  if Iraq is in the mix  ,  it will mean the  export , import  laws  are intac  , and they can start   shipping  world wide  both directions ,   

[sandfly]

THANKS

[Boozer]

SOON

[war eagle talon]

yeman has just completed their accession to the WTO What's up with Iraq see below

 

       

 

ACCESSIONS

Iraq

A Working Party to examine the application of Iraq was established at the General Council meeting of 13 December 2004. Iraq submitted its Memorandum on the Foreign Trade Regime in September 2005. The Working Party met for a second time in April 2008 to continue the examination of Iraq’s foreign trade regime.

Trade Statistics
WTO Statistics Database

News  back to top

• 13 December 2004: Accession working parties established for Afghanistan, Iraq

> More news on Iraq

 

Status of accession working party  back to top

For an explanation, see: “How to become a member of the WTO”

1.

Application Received

30 September 2004 2.

Working Party Established
Chairperson:
H.E. Mr. Omar Hilale
(Morocco, May 2009 — )
H.E. Mrs. Claudia Uribe
(Colombia, Dec 2006 — May 2009)

13 December 2004 3.

Memorandum

16 September 2005 4.

Questions and Replies

28 November 2006 5.

Meetings of the Working Party

25 May 2007
2 April 2008 6.

Other Documentation

(a) Additional Questions & Replies

8 December 2008

( Information on agriculture (WT/ACC/4)

24 March 2010 © Information on services (WT/ACC/5)  

(d) SPS/TBT checklists (WT/ACC/8)

8 October 2010

(e) TRIPS checklist (WT/ACC/9)

8 February 2008

(f) Legislative Action Plan

24 March 2010 7.

Market Access Negotiations

Goods Offer

(a) initial
( latest

  Services Offer

(a) initial
( latest

  8.

Factual Summary

  9.

Draft Working Party Report

 

> All unrestricted documents on accession of Iraq    > help

 

ACCESSIONS

Afghanistan(1)

Afghanistan’s Working Party was established at the General Council meeting on 13 December 2004. Afghanistan’s Memorandum on the Foreign Trade Regime was circulated in March 2009. The Draft Working Party Report, prepared by the Secretariat, was circulated on 24 June 2013. The Working Party met for the fourth time in July 2013 to continue the examination of Afghanistan’s foreign trade regime.

Trade Statistics
WTO Statistics Database Tariff Profiles
2012  

News  back to top

• 25 July 2013: Afghanistan accession on track for a 2013 conclusion

• 7 December 2012: Afghanistan’s WTO accession negotiations accelerate

• 18 June 2012: WTO members review Afghanistan’s trade regime

> More news on Afghanistan

 

Status of accession working party  back to top

For an explanation, see: “How to become a member of the WTO”

1.

Application Received

21 November 2004 2.

Working Party Established
Chairperson:
H.E. Mr. Roderick van Schreven
(Netherlands, May 2012 - )
H.E. Mr. B. J. van Eenennaam 
(Netherlands, May 2009 – May 2012)
H.E. Mr. I. M. De Jong
(Netherlands, Dec 2005 - May 2009)

13 December 2004 3.

Memorandum

31 March 2009 4.

Questions and Replies

26 July 2010 5.

Meetings of the Working Party

31 January 2011
18 June 2012
7 December 2012
25 July 2013

6.

Other Documentation

(a) Additional Questions & Replies

19 November 2012
31 October 2012
10 April 2013
7 June 2013
27 June 2013
2 July 2013

( Information on agriculture (WT/ACC/4)

29 October 2012

© Information on services (WT/ACC/5)

 

(d) SPS/TBT checklists (WT/ACC/8)

6 February 2012 (SPS)
26 April 2012 (TBT)
7 June 2012 (SPS) 

(e) TRIPS checklist (WT/ACC/9)

28 October 2011
19 November 2012

(f) Legislative Action Plan

28 October 2011
6 June 2012
5 December 2012
15 July 2013 7.

Market Access Negotiations

Goods Offer

(a) initial
( latest

 
14 November 2012 Services Offer

(a) initial
( latest

  
13 June 2012 8.

Factual Summary

3 May 2012 9.

Elements of a Draft Working Party Report

9 November 2012
14 November 2012

Draft Working Party Report

latest revision

24 June 2013

> All unrestricted documents on accession of Afghanistan    > help

1. Least Developed Country back to text

 

       

 

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[MrOptimistic]

Big part of this deal was about the easing of trade barriers, to increase trade between countries, also, India brought up the issue of agricultural trade. Some are aware that right after the WTO was formed, Iraq was put into the Oil-for-Food-Programme by the UN, introduced by Bill Clinton in 1995 (same year WTO began). Russia, China, India, U.S., and a handful of other countries were sending humanitarian aid/food to Iraq in exchange for Oil. Now Iraq is gearing to join the WTO to prove they can walk on their own 2 legs while getting a lot of assistance from supporting countries like the US, China, and Venezuela.

Iraq is aiming to gain full membership status by 2016 according to some reports.
2014-2016 could be the 2 year transition period of releasing lower denominated banknotes to allow ease in transactions and to show the WTO community that Iraq has an internationally recognized currency.

For instance, August 2013, Iraq and India have signed a trade agreement using their own currencies as a mean of exchange for trade. http://************.com/2013/08/26/iraq-and-india-trade-agreement-in-local-currencies-make-dinar-currency-desirable-internationally-says-finance-comittee-member/

 

It would make sense that the agreement would take effect as the 2014 budget is passed and opened. (2014 budget has been said to be passed by December 16, 2013 by Parliament)http://www.zawya.com/story/Iraq_expects_to_accomplish_budget_of_2014_within_two_weeks-ZAWYA20131202062824/

 

 

Iraq has been released from Ch.7 sanctions as of July 1, 2013. Now they are able to begin some big trade agreements with other nations and seek foreign investment. This is an open door for Iraq to rejoin the international community and soon join the WTO. Won't happen right away, it takes time to build trade relations with other countries.

Edited December 8, 2013 by MrOptimistic

[ronscarpa]

Several additional articles regarding the WTO Bali Agreement at the LINK in DinarVets:

 

http://dinarvets.com/forums/index.php?/topic/167209-wto-seals-deal-for-first-time-in-18-years-to-ease-trade/

 

[SnowGlobe7]

when is Iraq on the next WTO agenda?

When is Iraq on the next agenda at the WTO?

[MrOptimistic]

when is Iraq on the next WTO agenda?

When is Iraq on the next agenda at the WTO?

Statement of Iraq during the Bali WTO meeting Ninth Ministerial Conference Statement of Iraq By Mrs. Shina Chalak Alhusaini 

http://www.wto.org/english/thewto_e/minist_e/mc9_e/stat_e/irq.pdf

[SnowGlobe7]

ty...i will go and read that........appreciate ya

ty

Either I missed something....what is our next step? Next meeting?

[MrOptimistic]

ty...i will go and read that........appreciate ya

ty

Either I missed something....what is our next step? Next meeting?

That information is not out in public view at the moment... That's how the WTO club works.. Just have to wait and keep looking.

Indonesian Trade Minister talking on the Bali WTO conference.

http://www.bloomberg.com/video/indonesian-trade-minister-on-wto-agreement-Obc71Gy4Slq9pkTUY87IqQ.html

[millionaire in training]

Thank you for explaining this to us.  

So very glad to see that you've started posting again.

You were missed.  

[MrOptimistic]

Thank you for explaining this to us.  

So very glad to see that you've started posting again.

You were missed.  

Couldn't resist helping with the puzzle again