New Delhi, December 09: The Confederation of Indian Industry (CII) has welcomed the historic agreement by members countries of the World Trade Organization (WTO) on the food security issue through an interim mechanism to negotiate a permanent solution.
In a statement, the CII also welcomed the declaration on trade facilitation saying such a step would boost transparency and introduce predicatbility while also reducing transaction costs for the businesses across the world.
It may be recalled that trade ministers from over 150 countries had agreed on a Bali Ministerial Declaration that includes text on trade facilitation, food security and development and some 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," Deep Kapuria, Chairman of CII MSME Council and leader of CII business delegation to the 9th WTO Ministerial Conference, said.
"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)," Kapuria said in the statement.