WTO reaches global trade agreement

Commerce ministers capped days of hard negotiations Saturday by approving a WTO agreement on international commerce they hailed as a "historic" boost for the trade body, AFP reports.

The pact includes commitments to facilitate trade by simplifying customs procedures. It is estimated that customs measures could create $1 trillion in economic activity and 21 million jobs if properly implemented.

- For the first time in our history, the WTO has truly delivered - WTO Director-General Roberto Azevedo told a closing ceremony.

- We have put the 'World' back into the World Trade Organization - he told delegates.

Azevedo said it had important symbolic value for Doha.

- The decisions we have taken here are an important stepping-stone toward the completion of the Doha Round - he said, adding the WTO would soon get to work on a "road map" for reviving Doha.

The Doha Round aims to remove hurdles to commerce and establish a globally binding framework of trade rules fair to both rich and poor countries.

The agreement was reached after more than four days of haggling in Bali that stretched past the conference's scheduled Friday close and overnight.