Martonyi, who was one of 160 government ministers from around the world to participate in the conference, said that the agreement, aimed at lowering trade barriers and accelerating the passage of goods through customs, was to the benefit of Hungary because it will serve to increase the country’s exports, particularly to non-European Union countries.

Hungary’s foreign minister added that the importance of the agreement “exceeds its substantive content.”

Critics meanwhile have panned the agreement along the lines of being “costly to developing countries and ensures easier access and profits for transnational corporations.”

The global trade agreement was the first the WTO had reached since the organization’s formation in 1995.