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The World Trade Organization (WTO)'s latest deal reached in Bali, Indonesia, will greatly reduce agriculture export subsidies, which is good for developing nations like Chile, the country's finance minister Felipe Larrain said Monday.
Approved at a WTO ministerial conference held in Bali at the weekend,the Bali Package was the first large agreement for global elimination of trade barriers.
Larrain said the deal marked the first time that the WTO agreed on three fundamental points, including reducing agriculture export subsidies.
The second is trade facilitation through the reduction of paperwork, and the third one is WTO's decision to reduce the tariffs to the most vulnerable members and even the elimination in certain cases, he added.
The package will reduce about 10 percent in international trade costs and this means a significant increase of world trade and the creation of wealth and jobs, especially in the less developed and most vulnerable members, Larrain added.
