WTO meeting ends with major breakthrough

Added On December 20, 2015

The 10th Ministerial Conference of the World Trade Organization wrapped up in Kenya's Nairobi on Saturday.

The meeting ended with a new Nairobi Declaration that promises to keep the international trading system alive.
The ministerial meeting, first of its kind being held on African soil in two decades, brought together ministers from 162 members of the world trade body.
Key outcomes out of the conference included an agreement on the elimination of agricultural export subsidies, expansion of the list of information and technology products for tariff reduction, and the accessions of Liberia and Afghanistan into the world trade body.
WTO Director-General Roberto Azevedo said the outcome of the conference on eliminating the domestic support to large scale producers of food was historic.
"The decision you have taken today on export computation is truly historic ,it is the most significant outcome in agriculture."
Azevedo added that the decision removes distortions and helps create a level playing field. It will also regulate the food aid and ensure that the exports do not affect local production.
The conference also endorsed the Information Technology Agreement expansion, which expands the range of information technology products for tariff cuts. 
Azevedo hailed the expansion as a "historical breakthrough" because it would exempt global trade worth 1.3 trillion U.S. dollars from taxation.