WTO Bali agreement to sharply lower transaction cost: Ficci

NEW DELHI: Ahead of a meeting that is likely to decide on India's stand on WTO Bali agreement, industry body Ficci today said the pact will sharply lower transaction cost for exporters, thereby boosting their competitiveness.

"We certainly feel that through this agreement, we will be able to see a significant reduction in the transaction 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 sizeable and would help improve competitiveness of our exports," Ficci President Sidharth Birla said.

Amid sharpening differences between India and developed world on World Trade Organisation (WTO) issues, Union Cabinet headed by Prime Minister Narendra Modi will finalise New Delhi's stand on Bali agreements, including ratification of the trade facilitation pact, this week.

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

India has vehemently opposed the process of implementation of the WTO's Bali agreements which include TFA, permanent solution on India's public stock holding of foodgrains for its food security programme and issues pertaining to least developed countries (LDCs).