GENEVA — After many years of talking, the World Trade Organization pulled off a major deal Thursday that the body said could boost global commerce by $1 trillion annually.
Diplomats said the deal is the first multilateral trade agreement in the organization’s 20-year history. Agreement has been difficult to reach because WTO deals require the unanimous backing of its 160 member countries.
“Once in force, it will help developing countries better integrate into the global economy, intensify regional integration and lift millions out of poverty,” said European Union Trade Commissioner Cecilia Malmstrom.
Critics worry that the agreement could make it harder for countries to set their own priorities on environmental and labor protections, food security and other trade-related issues. The WTO has said, however, that the Trade Facilitation Agreement could increase total world trade to $23 trillion from its current estimate of $22 trillion.
