Corporates, exporters say WTO trade pact to help Indian industry

Hailing the trade facilitation agreement reached by WTO members after hectic parleys, India Inc and exporters on Saturday 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, adding, “Our efficiency and transaction costs will improve by leaps and bounds, once the agreement comes into operation.”

After four days of marathon negotiations at Indonesian island city of Bali, Trade Ministers from 159 countries agreed on the Bali Ministerial Declaration, which comprises 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.

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

“We are very happy with the agreement on trade facilitation that would help in reducing transaction costs, cutting red tape, improving transparency besides simplifying and streamlining customs and port procedures,” Ficci President Naina Lal Kidwai said.

In recent years, India has undertaken reforms to simplify and modernise its trade procedures. As a developing country, India will be entitled to adequate transition time for implementing the Trade Facilitation Agreement.