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December 07, 2013 AT 10:10 AM
The World Trade Organization reached its first trade reform deal during the Ninth Ministerial Conference to a roar of approval from nearly one hundred and sixty ministers on the Indonesian island of Bali who had decided on the make-or-break agreement, which could add one trillion dollars to the global economy. The approval came after Cuba backed off from a threat to veto the package of measures. The Director - General of the World Trade Organization, Roberto Azevêdo said,“For the first time in our history, the W.T.O. has truly delivered."