The World Trade Organization (WTO) has reached its first ever major global reform deal since the organization was established in 1995. On December 7, 2013, the WTO’s 159 ministers voted to accept the package, which could add up to USD $1 trillion to the global economy, including by facilitating trade through clarified and improved customs practices.
The Bali Package focuses on two broad categories of trade issues. The first part deals with trade facilitation (via customs reform), agriculture, cotton, development, and issues pertaining to the least developed countries. The second part adopts five decisions of the WTO’s ministers regarding the General Council’s work. This publication surveys the components of the Bali accord and provides preliminary reflections on this historic trade agreement.