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The World Trade Organization adopted the first worldwide trade reform in its history on Thursday, after years of stalemate, months of deadlock and a final day’s delay following an eleventh-hour objection.
The agreement means the WTO will introduce new standards for Customs checks and border procedures. Proponents say that will streamline the flow of trade around the world, adding as much as $1 trillion and 21 million jobs to the world economy.
“It’s all agreed,” a WTO official said outside the closed-door WTO meeting in Geneva, after trade diplomats applauded the end of their 19-year wait for a deal.
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