World leaders have lauded Nigeria’s initiative that
facilitated the first-ever global trade reform agreement,
which has the potential to add $1 trillion to the global
economy.

The agreement followed five-days of negotiations in
Bali, Indonesia.

The outcome is an offshoot of the work done at the
World Trade Organisation’s (WTO’s) Eighth Ministerial
Conference in Geneva, where it was agreed that the
WTO should end the fruitless years of negotiations and
identify key elements of the Doha Round, where
agreements could be reached with a view to delivering a
package in those areas.

The world’s trade ministers said the “helpful” leadership
of the Nigerian Minister of Industry, Trade and
Investment, Olusegun Aganga (who chaired the MC8),
helped in the early resolution of the contending issues
at the just concluded Ninth Ministerial Conference
(MC9).

The Swiss delegation commended Nigeria’s leadership
of the MC8, saying it helped in no small way to reach
the MC9 consensus.

The delegation, which has invited Aganga to Davos in
January, said members want to continue engagement
with Aganga in view of the quality of leadership he
displayed.


It said Aganga’s experience would help address many
issues.

The 159 member countries of the WTO came to Bali for
the MC9, knowing that it was either a deal was struck
regarding the three packages on the table or the WTO
will lose its integrity.

“For the first time in our history, the WTO has truly
delivered. This time, the entire membership came
together. We have put the ‘world’ back in the World
Trade Organisation,” WTO Director-General Roberto
Azevedo told exhausted ministers after the long but
fruitful talks.

There were three main items in the package – trade
facilitation (to streamline customs procedures and
minimise unnecessary border delays, delivering jobs and
opportunities in times of unemployment and slow
growth); agriculture and development issues, which
apply mainly to Least Developed Countries (LDC

On the whole, agreements were reached at the end,
including the reaffirmation of the non-discrimination
principle of Article V of GATT 1994; public stockholding
for food security purposes; duty-free and quota-free
market access for least developed countries, among
others.

http://www.nigerianeye.com/2013/12/world-leaders-praise-nigeria-on-1tr.html?m=1

AKUNWATA1: I DON'T REALLY EXPECT THIS THREAD TO HIT FRONT PAGE

omenka:

Akuna!!! We have dealt with and resolved this mode of blackmailing mods. Get a life.