Cuba agrees to WTO’s plan to reform worldwide trade
Cuba has reportedly agreed to a package of proposed measures that will allow the World Trade Organization (WTO) to reform the worldwide trade.
After raising a tough objection to the deal, which would be worth estimated $1 trillion to the world economy, Cuba dropped its objection on Saturday. Initially, Cuba had threatened to veto the package of measures.
Sources said that the socialist country agreed to the package of measures after reaching an agreement with the United States. The sources added that a deal could be announced soon.
The socialist country had previously refused to accept that deal, which would not help uncap the U. S. embargo of the Caribbean island.
Cuba wanted language in the WTO deal to challenge the U. S. embargo that has been in place for nearly five decades. The United Nations (U. N.) has also criticized the deal as many as 22 times. U. S. President Barack Obama said last month that it might be time to revise the policy.
The agreement, which rescues the global trade organization from the verge of failure, marks its first global trade deal since its creation in 1995.