WTO'S
TRADE FACILITATION PACT TO REDUCE COST, BOOST INDUSTRY
Trade Ministers from nearly 160 countries have
reached an agreement to boost world commerce by cutting red tape, making it
easier for the poorest countries to sell their goods. The member countries of
the World Trade Organisation approved the deal at a meeting in Indonesia.
The deal could add nearly 1 trillion dollar to the global economy. It is seen
as an important step for the WTO which has struggled to make new trade
agreements.
This agreement was reached after the WTO revised the draft of the Bali package
taking India's concern's on food security into consideration. The pact allows
nations such as India to fix a Minimum Support Price for farm produce and to
sell staple grains to the poor at subsidised rates. It also permits countries
to store food grains to meet contingency requirements. Commerce and Industry Minister
Anand Sharma, who is representing India at the WTO negotiations said, it was a
great day for India.
India Inc and exporters today said the trade facilitation agreement reached by
the WTO members will help developing countries to reduce transaction cost and
improve competitiveness of domestic
industry.
Chairman of engineering exporters' body EEPC India Anupam Shah said the WTO
Agreement on trade facilitation will make life much easier for Indian
exporters.
Ficci President Naina Lal Kidwai said the agreement on trade facilitation will
help in reducing transaction costs, cutting red tape, improving transparency
besides simplifying and streamlining customs and port procedures.
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