The World Trade Organization has reached a multilateral trade agreement that could produce nearly $1 trillion in economic output worldwide, Politico reported Sunday.
Jason Huffman and Doug Palmer write the trade facilitation agreement signed Dec. 7 in Bali, Indonesia, is intended to help businesses transport products around the world by eliminating red tape and customs corruption.
“Small businesses will be among the biggest winners, since they encounter the greatest difficulties in navigating the current system,” said President Barack Obama.
Obama added WTO intends for the deal to help revive the multilateral trading system in an effort to open job opportunities for Americans and implement U.S. trade rights, according to the report.
The agreement also contains rules for removing agricultural export subsidies and managing tariff-rate quotas, Politico reports.
“The WTO’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,” Obama added.