Industry body, Confederation of Indian Industry (CII) welcomes the decision by WTO member countries to safeguard the development perspective in the Doha Round by agreeing to put in an interim mechanism and to negotiate a permanent solution on the issue of public stock holding for food security.
CII also welcomes the declaration on Trade Facilitation, which will not only boost transparency and predictability but also reducing transaction cost for businesses across the globe, informed CII in a press release on Friday.
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 of texts on trade facilitation, food security and development and LDC issues.
"The outcomes on food security is a big victory for multilateral trading system and truly a historic achievement for all member countries. It will not only restore the faith of a large number of developing countries in the multilateral trading system but bring back the credibility of WTO in delivering on its core development mandate as agreed in 2001 at Doha", said Deep Kapuria, Chairman of CII MSME Council and leader of CII business delegation to the 9th WTO Ministerial Conference.
On food security issue WTO members have agreed to put in place an interim mechanism and to negotiate a permanent solution on the issue of public stock-holding for food security purposes for adoption by the 11th Ministerial Conference.
It has been categorically specified that until a permanent solution is found, WTO members shall refrain from challenging through the WTO Dispute Settlement Mechanism. The permanent solution will be available to all developing countries members of the WTO.
"CII has been very supportive of a balanced Trade Facilitation agreement, which takes care of legitimate developmental needs of a large number of poor countries including Least Developed Countries (LDCs)", said Kapuria. CII welcomes the decision of establishment of a preparatory committee on Trade Facilitation under the General Council to ensure the expeditious entry into force of the agreement.