The World Trade Organization approved an historic trade reform deal that could add $1 trillion to the global economy. Mana Rabiee reports.
REPORTER: The World Trade Organization reached its first ever trade reform deal on Saturday. It was met with a roar of approval from nearly 160 ministers gathered on the Indonesian island of Bali.
INDONESIAN TRADE MINISTER GITA WIRJAWAN: "It is so agreed."
REPORTER: They came to work out a make-or-break agreement that could add $1 trillion to the global economy. WTO Director General Roberto Azevedo.
WORLD TRADE ORGANIZATION DIRECTOR-GENERAL ROBERTO AZEVEDO: "We have achieved something very significant. People all around the world will benefit from the package we have delivered here today."
REPORTER: The agreement lowers trade barriers and slashes red tape at customs around the world. But it also rescues the WTO from the brink of failure, after 12 years of fruitless negotiations.
WORLD TRADE ORGANIZATION DIRECTOR-GENERAL ROBERTO AZEVEDO: "For the first time in our history, the WTO has truly delivered."
REPORTER: Analysts say that, over time, the deal could boost the world economy by hundreds of billions of dollars and create more than 20 million jobs, mostly in developing countries. But it still needs to be approved by each member nation.
• A million is 1,000,000 (a thousand thousand).
• A billion is 1,000,000,000 (a thousand million).
• A trillion is 1,000,000,000,000 (a million million).
1. You say a, one, two, several, etc. millon/billion/trillion without a final ‘s’. • The deal is worth six billion dollars.
2. Millions/Billions/Trillions (of…) can be used if there is no number or quantity before it. • There are trillions of stars in the universe.
3. Always use a plural verb with million/billion/trillion or millions/billions/trillions except when referring to the number itself. • One million people are expected to watch the match on TV. • A trillion is a big number.