US President Barack Obama welcomed the multilateral trade agreement, saying it would eliminate red tape and bureaucratic delay for goods shipped around the globe. "Small businesses will be among the biggest winners, since they encounter the greatest difficulties in navigating the current system..
By some estimates, the global economic value of the new WTO deal could be worth hundreds of billions of dollars," he said.
Also read: India Inc, exporters welcome WTO pact on trade
The WTO's Bali agreement also represents the rejuvenation of the multilateral trading system that supports millions of American jobs and offers a forum for the robust enforcement of America's trade rights, he said.
In the first-ever agreement reached after the launch of the Doha Round of trade talks, ministers from 159 countries approved the Bali package. Overcoming a string of failures over the years, the WTO reached the landmark agreement that can help boost global trade by USD 1 trillion, while taking on board concerns of countries like India to protect its food security scheme to provide subsidised grains to the poor.
Indonesian Trade Minister Gita Wirjawan said the deal would "benefit all WTO members". British Prime Minister David Cameron said the "historic" agreement could be a "lifeline" for the world's poorest people, as well as benefiting British businesses to the tune of more than USD 1 billion.
"The breakthrough agreement reached in Bali by the World Trade Organisation (WTO) reaffirms the commitment of the international community to an open trade system which boosts global growth and jobs, and cuts poverty," said Christine Lagarde, Managing Director of IMF.
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