Washington, DC, United States (4E) – President Barack Obama on Sunday hailed the first fully multilateral trade agreement negotiated by the World Trade Organization (WTO) in Bali, Indonesia on Saturday saying it will supports millions of American jobs.
“This new deal, and particularly the new trade facilitation agreement, will 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,” said the President.
Obama said the WTO’s Bali agreement reached on Saturday also offers a forum for the robust enforcement of America’s trade rights.
The new WTO deal by 160 countries simplifies customs procedures and speed up the flow of goods cutting the costs of trade by 10 to 15 percent based on estimates by the 34-member Organization for Economic Cooperation and Development. For developing nations, the deal translates to as much as $445 billion in savings a year and allows them to continue stockpiling food to sell at subsidized rates to the poor. The global economy will benefit through increased trade, revenue collection and investment.
Under WTO rules the deal will take effect once it is ratified by two-thirds of the organization’s 159 member states. The Obama administration is still weighing whether to seek a ratification vote from Congress, according to Michael Punke, the U.S. ambassador to the WTO.