The World Trade Organization agreed to its first ever worldwide trade reform on Saturday after Cuba dropped a threat to veto the package of measures, diplomats said.
The agreement at talks on the Indonesian island of Bali marks the WTO's first global trade agreement since it was created in 1995 and, according to some estimates, could be worth $1 trillion to the world economy.
Cuba had earlier refused to accept a deal that would not help pry open the US embargo of the Caribbean island.
It wanted language in the WTO deal to challenge the embargo, which has been in place for half a century and been condemned 22 times by the United Nations. President Barack Obama said last month it may be time to revise the US policy.
The agreement marks WTO's first global trade agreement since it was created in 1995. It also rescues the WTO from the brink of failure and will rekindle confidence in its ability to lower barriers to trade worldwide, after 12 years of fruitless negotiations.
The agreement at talks on the Indonesian island of Bali marks the WTO's first global trade agreement since it was created in 1995 and, according to some estimates, could be worth $1 trillion to the world economy.
Cuba had earlier refused to accept a deal that would not help pry open the US embargo of the Caribbean island.
It wanted language in the WTO deal to challenge the embargo, which has been in place for half a century and been condemned 22 times by the United Nations. President Barack Obama said last month it may be time to revise the US policy.
The agreement marks WTO's first global trade agreement since it was created in 1995. It also rescues the WTO from the brink of failure and will rekindle confidence in its ability to lower barriers to trade worldwide, after 12 years of fruitless negotiations.
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