The International Monetary Fund (IMF) has said that the World Trade Organization (WTO) decisions on the trade facilitation agreement and public stock holding for food security purposes would provide an opportunity for advancing multilateral trade negotiations in other areas which is essential for global growth.
"I strongly welcome the decisions adopted by the General Council of the WTO on November 27, related to public stock holding for food security purposes, the Trade Facilitation Agreement and the post-Bali work," IMF Managing Director Christine Lagarde said.
"These decisions reaffirm the commitment of the international community to an open trade system. They also provide an important opportunity for advancing multilateral trade negotiations in other areas, which is essential to bolster global growth, create jobs and reduce poverty," Lagarde said in a statement.
Ending months-long deadlock, the WTO on Thursday approved a trade facilitation pact while agreeing to India's demand for continuing the peace clause till a permanent solution is found to the food stockpiling issue, crucial for continuing food security scheme.
The historic trade facilitation agreement (TFA) would now need to be ratified by governments of individual member countries, including India, for coming into effect which is expected some time next year.