Differing views on the implementation of two of these accords, the Trade Facilitation Agreement and the decision on Public Stockholding for Food Security Purposes, created an impasse in July which has led to a freezing of WTO negotiations since then.
The India-US agreement provides a basis for the Director-General to intensify his consultations with other WTO members on the best way to overcome the present stalemate and to promptly implement all Bali ministerial Decisions.
The Director-General said:
"This breakthrough represents a significant step in efforts to get the Bali package and the multilateral trading system back on track. It will now be important to consult with all WTO members so that we can collectively resolve the current impasse as quickly as possible.
"Implementation of all aspects of the Bali package would be a major boost to the WTO, enhancing our ability to deliver beneficial outcomes to all our members.
"Advancing our work toward a permanent solution on public stockholding and the implementation of the Trade Facilitation Agreement, including its provisions for technical assistance for developing countries, will be integral to this work. I will also continue to ensure that LDC issues are given the prominence they deserve".
While stressing that the India-US understanding would represent a major step forward, the Director-General stressed that Members would need to redouble their efforts in order to minimize the delays provoked by the impasse on the conclusion of the post-Bali work program.
"The Post-Bali work program remains a priority. Members will need to make every effort to get it back on track as quickly as possible," the Director-General added.
The Director-General will be discussing these recent developments and the broader agenda to strengthen the multilateral trading system with G20 Leaders in Brisbane this weekend.