India under pressure to sign WTO trade agreement

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SME Times News Bureau | 23 Jul, 2014
Amid sharpening differences between India and developed world on World Trade Organisation's issues, Union Cabinet headed by Prime Minister Narendra Modi will finalise this week New Delhi's stand on Bali agreements including ratification of the trade facilitation pact, reports media.

The Cabinet meeting on Wednesday comes close to the July 31 deadline for ratification on protocol of trade facilitation agreement (TFA).

Cabinet will take a call on India's stand on WTO Bali pact on July 23. The meeting will be headed by Prime Minister Narendra Modi.

The Union Cabinet is likely to take a call on India's position on the WTO Bali pact.

Commenting on the on-going discussions on WTO's, Sidharth Birla, President, FICCI said, "TFA was the highpoint of the discussions that happened during the WTO ministerial conference in Bali, Indonesia.

"We certainly feel that through this agreement, we will be able to see a significant reduction in the
transactions cost involved in trading across borders. This is good for both trade and enterprise in
India and we expect the government to take a considered view on signing of this agreement."

"The benefits that would accrue to Indian industry in the long term following this agreement would be sizable and would help improve competitiveness of our exports," he added.