The first-ever multilateral trade deal in the 20-year history of the World Trade Organization would boost global growth, jobs and cut poverty, and would eliminate red tape and
bureaucratic delay for goods shipped across the globe, world leaders have said.
US President Barack Obama welcomed the multilateral trade agreement, saying it would 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. By some estimates, the global economic value of the new World Trade Organization deal could be worth hundreds of billions of dollars," he said.
The World Trade Organization's Bali agreement also represents the rejuvenation of the multilateral trading system that supports millions of American jobs and offers a forum for the robust enforcement of America's trade rights, he said.
In the first-ever agreement reached after the launch of the Doha Round of trade talks, ministers from 159 countries approved the Bali package.
Overcoming a string of failures over the years, the World Trade Organization reached the landmark agreement that can help boost global trade by USD 1 trillion, while taking on board concerns of countries like India to protect its food security scheme to provide subsidised grains to the poor.
Indonesian Trade Minister Gita Wirjawan said the deal would "benefit all World Trade Organization members".
British Prime Minister David Cameron said the "historic" agreement could be a "lifeline" for the world's poorest people, as well as benefiting British businesses to the tune of more than USD 1 billion.
"The breakthrough agreement reached in Bali by the World Trade Organization (WTO) reaffirms the commitment of the international community to an open trade system which boosts global growth and jobs, and cuts poverty," said Christine Lagarde, Managing Director of IMF.
In a statement, Lagarde said she fully support World Trade Organization Director General Roberto Azevedo's determination to use this opportunity to move the broader Doha Development Agenda forward, and overcome the significant challenges that still lie ahead.
Influential US Republican Senator Marco Rubio said the successful World Trade Organization negotiations in Bali mark an important first step towards reducing global trade barriers in the 21st century.
"American entrepreneurs and workers can compete with anyone on a level economic playing field. Expanding free and fair trade is a national imperative that will create job opportunities for our own people and help others around the world rely less on foreign assistance and benefit