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The World Trade Organization cleared the way for its first ever worldwide trade reform on Saturday after Cuba dropped a threat to veto the package of measures, sources involved in the talks said. Cuba had raised a last-gasp objection to the deal, which some estimates say could be worth $1 trillion to the world economy, forcing an overnight halt to talks. But Cuba later reached an agreement on compromise language with the United States, and a deal was expected to be announced imminently, sources said. Cuba had earlier refused to accept a deal that would not help pry open the U.S. embargo of the Caribbean island.
BALI, Indonesia (AP) — A deal to boost global trade has been approved by the World Trade Organization's 159 member economies for the first time in nearly two decades, keeping alive the possibility that a broader agreement to create a level playing field for rich and poor countries can be reached in the future.