Highlights

Ministerial decision reached to vastly expand coverage under global system of trade preferences

Geneva, 2 December 2009 -- Details of accord to reduce tariffs applying to trade between developing countries expected to be negotiated by September 2010 - Developing country parties to the Global System of Trade Preferences (GSTP) today met at ministerial level and adopted a decision on "modalities" for slashing tariffs in the trade they carry out with each other.

The decision paves the way for participating countries to offer reductions of at least 20% on tariffs that apply to some 70% of the goods exported within this group of nations. A timeline was set for intensive negotiations next year to conclude the agreement by the end of September 2010.

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