History was made on 6 December 2013 in Bali, Indonesia where ministers from the World Trade Organization (WTO)’s 159-member countries collectively approved an agreement on global trade at the end of the ninth WTO Ministerial Conference.
Termed as the “Bali Package”, the WTO deal broadly consists of an agreement on trade faciliation, consensus on food security for developing countries and initiatives for least developed countries.
Whilst the legal text adopted in Bali is not final it is not likely to be amended substantially and the General Council should adopt the new Agreement by 31 July 2014. A WTO Committee on Trade Facilitation will be established and will meet at least once a year to work through operational and implementation issues and countries should notify their implementation status.
PwC Worldtrade Management Services has prepared a snapshot report of the key provisions and potential impact.