(MENAFN - Khaleej Times) Saudi Arabia has welcomed the 1 trillion WTO agreement in Bali, saying it would strengthen the competitive position of Saudi products and boost global trade.
"It's a historic accord," said Commerce and Industry Minister Tawfiq Al-Rabiah, reported Arab News daily
He said the WTO agreement would have a positive impact on Saudi exports
"It will enable Saudi exporters to supply their goods in targeted markets at shorter time and lesser cost," he added
The Bali deal is the first major global agreement since the World Trade Organization was established in 1995
Members had worried that after a dozen years of failed talks, the WTO had turned into nothing more than a court for trade disputes
The Bali deal covers customs, agriculture and assistance for least developed nations
However, it pales in comparison to the ambitions of the failed Doha round of trade talks, which sought to break down larger barriers to industrial and farm goods.