With the objective of building greater awareness and consensus on various issues critical for the country’s growth, CII has launched a new monthly publication called Policy Watch. It is widely circulated to all stakeholders, particularly to membership and government to communicate Industry’s views and recommendations across different sectors.
The January 2014 issue of Policy Watch highlights key aspects of WTO Ministerial declarations and their implications to Indian industry.
The World Trade Organization (WTO) has reached its historic trade deal in its last Ministerial Conference held at Bali, Indonesia.
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.
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.