Latest: International

WTO meeting in Indonesia yields major boost for poorest countries

Published: Saturday December 7, 2013 | 12:29 pm Comments 0

Government ministers from 159 countries who are now attending a meeting of the World Trade Organisation (WTO), in Indonesia have reached a deal that is being hailed as a major boost for global trade.

The WTO’s first comprehensive agreement includes an attempt to simplify the procedures for doing business across borders.

It also includes improved duty-free access for goods sold by some of the world's poorest countries.

Analysts say the deal could also add about $1 trillion to world trade and should give developing nations more scope to increase farm subsidies.

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