Cuba drops veto, WTO clinches trade deal at Bali meeting

For the first time in our history, the WTO has truly delivered," WTO director general Roberto Azevedo told a closing ceremony.

For the first time in our history, the WTO has truly delivered,” WTO director general Roberto Azevedo told a closing ceremony.

BALI: The 159 World Trade Organization’s members overcame last minute hiccups and managed to get Cuba and three of its allies on board for what is the century’s first trade agreement.

Cuba, along with Bolivia, Nicaragua and Venezuela, had blocked the WTO’s move to adopt a deal that will allow developing countries to continue offering subsidies for their food procurement programme. In addition, a new agreement on trade facilitation to ease controls over flow of goods and services through ports and airports will be in place soon.

Cuba had raised the red flag concerns over the trade facilitation agreement which took nearly 15 hours to resolve and members had to finally accommodate its concerns in the text. There were negotiations through the night to reach a deal. Cuba wanted language in the WTO deal to challenge the 50-year-old embargo by the US.

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