WTO reaches first ever trade deal at landmark Bali meeting

Reuters - The World Trade Organization reached its first ever trade reform deal on Saturday.

It was met with the roar of approval from nearly 160 ministers gathered on the Indonesian island of Bali.

(SOUNDBITE) (English) INDONESIAN TRADE MINISTER GITA WIRJAWAN SAYING:

"Bali package, it is so agreed."

They came to work out a make-or-break agreement that could add $1 trillion to the global economy.

WTO Director General Roberto Azevedo.

(SOUNDBITE) (English) WORLD TRADE ORGANIZATION DIRECTOR-GENERAL ROBERTO AZEVEDO SAYING:

"We have achieved something very significant. People all around the world will benefit from the package we delivered here today."

The agreement lowers trade barriers and slashes red tape at customs around the world.

But it also rescues the WTO from the brink of failure, after 12 years of fruitless negotiations.

(SOUNDBITE) (English) WORLD TRADE ORGANIZATION DIRECTOR-GENERAL ROBERTO AZEVEDO SAYING:

"For the first time in our history, the WTO has truly delivered."

Analysts say that, over time, the deal could boost the world economy by hundreds of billions of dollars and create more than 20 million jobs, mostly in developing countries.

But it still needs to be approved by each member country.