WTO Reaches First Comprehensive Agreement in Its History

Bali package

For the first time in two decades, World Trade Organization's (WTO) member economies approved an agreement to boost global trade, a move that could add $1tn to the world economy.

Ministers from WTO's 159-member countries approved on Saturday a "trade facilitation" accord that will set common customs standards and ease the flow of goods through borders all over the globe.

The ministers also made decisions on several issues such as how the WTO should take action on government food security programs as well as securing better market access for the world's least developed nations to developed economies.