PROGRESS IN THE DOHA ROUND OF THE WORLD TRADE ORGANIZATION – THE BALI AGREEMENT

JELISAVAC TROŠIĆ PhD Sanja (Institute of International Politics and Economics, Belgrade), sanja@diplomacy.bg.ac.rs

The World Trade Organization is the most important international organization that defines the rules of international trade and those rules contribute to creating an orderly world market. Multilateral trade agreements under the WTO are the result of negotiations. The set of rules are created in order to help trade flow as freely as possible and to keep the trade policies of member countries within the agreed limits. The first round of multilateral trade negotiations launched in the WTO, the Doha Round, clearly showed large differences between developed and developing countries. A conclusion of the Doha Round of negotiations is still not in sight, but the Bali Ministerial Conference brought some hope. Bali brought to a conclusion the first multilateral trade agreement under the WTO. The first agreement reached through the WTO that is approved by all its members is aimed at lowering global trade barriers, regulating trade facilitation and agricultural support.

Keywords: WTO, Bali Ministerial Conference, Agreement, free trade, Doha Development Agenda, GATT