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WTO Clinches First Global Trade Deal in its History

Posted November 27, 2014

Under Economic Issues, International Trade Issues

(Reuters)

The World Trade Organization adopted the first worldwide trade reform in its history on Thursday, after years of stalemate, months of deadlock and a final day's delay following an eleventh-hour objection.

The agreement means the WTO will introduce new standards for customs checks and border procedures. Proponents say that will streamline the flow of trade around the world, adding as much as $1 trillion and 21 million jobs to the world economy. Read more here.