Hungary to benefit from global trade agreement

The global trade agreement signed at a ministerial conference of the World Trade Organization (WTO) in Bali, Indonesia, represents a positive development for Hungary and Europe, Minister of Foreign Affairs János Martonyi said.

Minister Martonyi, who was one of 160 government ministers from around the world to participate in the conference, pointed out that the agreement aimed at lowering trade barriers and accelerating the passage of goods through customs, was to the benefit of Hungary because it will serve to increase the country's exports, particularly to non-European Union countries. The importance of the agreement "goes beyond its concrete subject-matter", he added.

The global trade agreement is the first comprehensive agreement the WTO has concluded since the organization’s founding in 1995. By making customs procedures simpler and more transparent, it breaks down obstacles impeding the boosting of the international flow of goods, it outlines a first global reform of world trade, and schedules for the signing of legally binding WTO documents – for the first time since the foundation of the organization.