Prime Minister David Cameron has hailed a "historic" global trade deal which he said could be worth £1 billion a year to British businesses and be a "lifeline" for the world's poorest people.
In a surprise breakthrough, a World Trade Organisation (WTO) meeting in Bali secured a deal to lower barriers and speed up customs procedures after overcoming late objections from India and Cuba.
As well as promising an estimated £613 billion boost to international trade, the deal - the first in nearly two decades - keeps alive the hope of a wider agreement being reached between rich and poor countries in the long-stalled Doha Round.
Mr Cameron has made liberalising trade a key aim of the UK's presidency of the G8 group of developed economies - pushing for EU deals with both the US and China in the absence of WTO progress.
"Trade is a vital part of our long-term economic plan and was one of my G8 priorities this year," he said.
"So I am delighted that we have secured an impressive global deal worth over £1 billion a year to British businesses and £70 billion globally.
"This deal will help boost our exports, meaning that UK companies can grow and employ more people.
"If just 100,000 small businesses either start exporting or spread to new markets over the next five years, this would generate an extra £30 billion for the UK economy and create 100,000 new jobs.
"By slashing barriers to trade, this deal will also provide a lifeline to the world's poorest people.
"Helping developing countries to grow is not only the right thing to do, but it also increases potential markets for us all.
"So this really is win-win and the World Trade Organisation is to be commended for this historic deal."
Such was the surprise at securing a deal between the WTO's 159 members that WTO director-general Roberto Azevedo wept as he announced it.
He said: "We have put the world back into the World Trade Organisation. For the first time in our history, the WTO has truly delivered."
A temporary dispensation for developing nations helped see off India's fears over grain subsidies, and late objections from Cuba over removing a reference to the US trade embargo on it were also overcome.