China welcomed the first-ever multilateral trade agreement in the history of the World Trade Organization which was reached during the ninth WTO ministerial conference in the Indonesian resort island of Bali on Saturday, saying it will help boost the people’s confidence in the global trade system, the Global Times reported, citing Ministry of Commerce spokesman Shen Danyang. The so-called Bali Accord aims to streamline trade, allow developing countries more options on food security, as well as boost trade and development for developing and least-developed countries, the report said. China hopes the agreement will serve as a “stepping stone” to complete the Doha Round of talks, which aims to further bring down barriers to the free flow of goods and services, the commerce ministry statement quoted Shen as saying. A study by the Washington D.C.-based Peterson Institute of International Economics estimated the Bali deal would inject US$960 billion into the global economy and create 21 million jobs, 18 million of them in developing nations, the report said.
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