WTO Trade Deal is Running Out of Time

Trade deal would open the way to much wider trade reforms, enabling the WTO to re-write its rules for the internet era.

World Trade Organization chief Roberto Azevedo has been real aggressive in pushing for a proposed global trade deal, a deal that has yet to materialize even though they are quickly approaching their own self-imposed deadline. Azevedo wants the bare bones of a deal in place by the end of October, to give enough time for a reform package to be finalized and signed by trade ministers at a conference in Bali in early December.

The hoped-for agreement covers several areas, the largest of which is trade facilitation - a global standardization and simplification of customs procedures that, by some estimates, would cut trade costs by 10 percent for developed countries and by 14 percent for developing countries, according to an article by Reuters. To read more, click HERE.