The accord reached in Bali marks the first global agreement struck by WTO since its 1995 founding.
"For the first time in our history, the WTO has truly delivered," WTO Director-General (DG) Roberto Azevedo told a closing ceremony. "We have put the 'World' back into the World Trade Organisation," he told delegates.
The pact includes commitments to facilitate trade by simplifying customs procedures. The Washington-based Peterson Institute for International Economics estimated in a report this year the customs measures could create $1 trillion in economic activity and 21 million jobs if properly implemented.
The package also included pledges to limit agricultural subsidies, and policies to aid least-developed countries.
WTO officials have conceded however that uncertainty surrounded how effectively the measures would be implemented, especially in underdeveloped countries.
Analysts said the hard-fought nature of the talks indicated how difficult it could be for the body to make real progress on the Doha Round.