Forty-two members of the World Trade Organization (WTO) on Thursday reached a new deal on government procurement hours before the opening of the 8th Ministerial Conference.

By committing the 42 members to improving the disciplines and expanding market access over the sector, the new deal would be valued at 80 billion to 100 billion U.S. dollars per year, WTO estimated.

The deal is a revision to the Plurilateral Agreement on Government Procurement (GPA) negotiated in parallel with the Uruguay Round in 1994, which entered into force two year later.

It is one of the two optional WTO agreements (the other being Plurilateral Agreement on Trade in Civil Aircraft) not being signed by all members.

Government procurement accounts for 10 to 15 percent of global gross domestic product, according to WTO.

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