The World Trade Organization has approved agreements that include dropping patents on Covid vaccines and reducing overfishing (WTO).
The 164-nation gathering spent five days drafting agreements that included health and food security commitments.
The partial IP waiver for coronavirus vaccines will help developing nations to manufacture and export vaccines.
However, it is only valid for five years and does not cover illness treatments or diagnostics.
Ngozi Okonjo-Iweala, the Director-General of the Globe Trade Organization, said the Geneva accords will "make a difference in the lives of people all around the world."
"The results show that the WTO is capable of reacting to current-day situations," she added. Ms Okonjo-Iweala called the bundle of the two most high-profile accords on the table - aimed at decreasing overfishing and sharing Covid vaccination technology - as "unprecedented."
The World Trade Organization (WTO) is an international organization with 164 member nations whose primary objectives are to offer a venue for discussions to decrease trade barriers and to manage a set of trade regulations.
All decisions must be made by consensus, with any one member having the ability to exercise a veto.
A series of demands from India, which regards itself as the protector of impoverished farmers and fishers as well as developing nations, threatened to stymie discussions at one point, but trade sources claimed that compromises were reached.
The deal to reduce fishing subsidies is just the second multilateral agreement in the WTO's 27-year history to establish new global trading regulations, and it is believed that it would help to boost declining fishing populations.
"This is a watershed moment in tackling one of the primary causes of global overfishing," Isabel Jarrett, campaign manager for The Pew Charitable Trusts' effort to decrease harmful fisheries subsidies, stated.
The fisheries deal, according to UK International Trade Secretary Anne-Marie Trevelyan, "doesn't go as far as many members wanted."
"However, it does go some way toward delivering what our seas and all people who rely on them require," she added.
Meanwhile, the WTO was split on a partial waiver that would enable underdeveloped countries to make and sell Covid vaccines.
However, protesters claim that the accord hardly extends on an existing WTO exception and is too restricted because it excludes medications and diagnostics.
Max Lawson, co-chairman of the People's Vaccine Alliance, described it as "a bureaucratic fudge focused at protecting reputations, not lives."