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The World Trade Organization (WTO) has reached its historic trade deal in its last Ministerial Conference held at Bali, Indonesia.
There is no doubt the multilateral trading system is the best way to liberalize trade and protect the interests of diverse partners spread across the global trading landscape. The successful conclusion of WTO Bali Ministerial is a huge step forward in this direction.
The final agreement includes three declaration adopting decisions on three pillars: (i) trade facilitation, (ii) select agricultural issues, and (iii) select development-focused provisions aimed at helping LDCs. At the heart of the deal is an agreement on “trade facilitation”, or measures to reduce trade costs by cutting red tape in customs procedures.
Indian Industry has welcomed the trade deal reached at the Bali Ministerial Conference of the WTO.
This issue of Policy Watch highlights key aspects of WTO Ministerial declarations and their implications to Indian industry.