India Inc exporters welcome World Trade Organisation pact on trade

WTO SummitCommerce Minister Minister Anand Sharma congratulates Director-General Roberto Azevedo after the closing ceremony of the 9th WTO Summit at Nusa Dua in Bali.

Hailing the trade facilitation agreement reached by the World Trade Organisation (WTO) members after hectic parleys, India Inc and exporters today said these will help developing countries like India to reduce transaction cost and improve competitiveness of domestic industry.

"The WTO Agreement on trade facilitation will make life much easier for Indian exporters since the pact will ensure uniform, transparent and efficient transactions at the customs and port operations across the world," Chairman of engineering exporters' body EEPC India Anupam Shah said.

"Our efficiency and transaction costs will improve by leaps and bounds, once the agreement comes into operation", Shah added.

After four days of marathon negotiations at Indonesian island city of Bali, Trade Ministers from 159 countries agreed on the Bali Ministerial Declaration yesterday, which comprises of texts on trade facilitation, food security and development and LDC issues.

"While agreement on food security will ensure a fair deal for the subsistence farmers and the vulnerable sections in the developing countries, the deal on trade facilitation will improve efficiency at the international trade borders and reduce the transaction costs, particularly for the Indian exporters," Assocham Secretary General D S Rawat said.

This is the first such agreement since the World Trade Organisation (WTO) was set up way back in 1995.

"We welcome the declaration on trade facilitation, which will not only boost transparency and predictability but also help in reducing transaction cost for businesses across the globe," Deep Kapuria, who led CII's business delegation to the WTO Conference, said yesterday.

As per the draft text of the agreement, each member would be required to promptly publish information regarding issues like importation, exportation and transit procedures in a non-discriminatory and easily accessible manner in order to enable governments, traders and other interested parties to become acquainted with them.

... contd.

Please read our terms of use before posting comments
TERMS OF USE: The views, opinions and comments posted are your, and are not endorsed by this website. You shall be solely responsible for the comment posted here. The website reserves the right to delete, reject, or otherwise remove any views, opinions and comments posted or part thereof. You shall ensure that the comment is not inflammatory, abusive, derogatory, defamatory &/or obscene, or contain pornographic matter and/or does not constitute hate mail, or violate privacy of any person (s) or breach confidentiality or otherwise is illegal, immoral or contrary to public policy. Nor should it contain anything infringing copyright &/or intellectual property rights of any person(s).
comments powered by Disqus