Bali Package
Highlights of the WTO’s Bali Ministerial Conference
A Trade Facilitation Agreement to streamline trade
Permit developing countries more options to provide
food security
Boost the exports of the least developed
countries, and
Promote development
Trade Facilitation Agreement
Trade Facilitation Agreement is a multilateral
deal to simplify customs procedures which will
Reduce
costs and corruption
Improve
speed ,efficiency, and transparency
Improve
revenue collection
Increase
trade flows
Attract
foreign investment, and
Create
a stable business environment
The world economy is likely to benefit to the
tune of $1 trillion by the agreement.
It is the first comprehensive trade agreement since the inception of the WTO in 1995.The other agreements concluded so far under the WTO are the Agreements on financial services,telecommunications,and free trade in information technology products.
Long delays in concluding agreements at the WTO have prompted many countries to arrive at bilateral trade deals or multilateral trade deals among a small group of nations,making the WTO seem irrelevant.In this context, the Agreement on Trade Facilitation marks a paradigm shift in the credibility of the WTO.
