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.

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

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. The deal could add nearly
1 trillion dollar to the global economy.

This is the first such agreement since the WTO was set up way
back in 1995.

In recent years, India has undertaken reforms to simplify and
modernise its trade procedures.