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Brussels, 7 December 2013
Statement of President Barroso on the outcome of the WTO Global Trade talks in Bali
I'm delighted at the news this morning of the global trade deal in Bali. This will give a real boost to the global economy.
Potential gains for the global economy could be as high as $1 trillion. Trade costs for mature economies will see reduced by 10%, the deal will help developing countries save around 325 billion euros a year and the agreement will bring vital help to the poorest people across the globe in the least developed countries.
The WTO is back on track and delivering reform. This is the first comprehensive WTO deal since 1995 which will deliver improvement on trade facilitation, development issues and agriculture, including food security.
The European Commission, on behalf of the European Union, has greatly contributed to this successful outcome. I would like to pay tribute to the central role that Commissioner de Gucht and his team have played to make this deal happen;