The trade deal clinched Saturday in Bali by 159 members of the World Trade Organization (WTO) is a victory for the multilateral trading system and it protects the interests of Indian farmers, poor and businesses, industry leaders said.
“We are very happy with the agreement on trade facilitation that would help reducing transaction costs, cutting red tape, improving transparency, simplifying and streamlining customs and port procedures, among others,” said the Federation of Indian Chambers of Commerce and Industry (FICCI) president Naina Lal Kidwai.
Referring to various estimates, Kidwai said trade facilitation deal could result in a $1 billion rise in worldwide GDP and create around 21 million new jobs.
“The outcome of the 9th Ministerial Conference shows that WTO can still deliver and it is possible to take the Doha development round forward by building on the progress achieved so far,” she said.
At the 9th Ministerial conference in Nusa Dua, Indonesia, WTO members Saturday approved a deal to liberalise the international trade norms. This is the first ever successful deal reached by the WTO since it was set up in 1995.
The new deal called “Bali Package” also allows developing countries like India to continue offering subsidies for their food procurement programme.