WTO passes first global reform

The World Trade Organization reached its first ever trade reform deal on Saturday. Nearly 160 ministers gathered in Bali, Indonesia, to decide on the make-or-break agreement that could add $1 trillion to the global economy. The talks, which had opened on Tuesday, nearly came unstuck at the last minute when Cuba suddenly refused to accept a deal that would not help pry open the US embargo of the Caribbean island, forcing negotiations to drag into Saturday morning. Cuba later agreed on a compromise with the United States. The deal would lower trade barriers and speed up the passage of goods through customs. Analysts estimate that over time it could boost the world economy by hundreds of billions of dollars and create more than 20 million jobs, mostly in developing countries. An ice storm has killed four people and left most of the United States’ southern regions blanketed in snow and freezing rain. The storm knocked out power to more than 200,000 people, leaving much of the south-central US trapped in a deep freeze. The blast of cold air and freezing rain forced the shutdown of schools, businesses and government agencies in several states. Flights were cancelled, and locals were forced indoors. Another winter storm is forecast to strike the mid-Atlantic and Northeast on Sunday, hitting an area from Washington, DC, to New York City with a mix of snow, sleet and freezing rain. A state of emergency was declared in Arkansas and the western and middle parts of Tennessee.