"This new deal, and particularly the new trade facilitation agreement, will eliminate red tape and bureaucratic delay for goods shipped around the globe," Obama said in a statement.

"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 WTO deal could be worth hundreds of billions of dollars," he said.

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, he said.

"As such, we are proud of the United States' leadership role in reaching this accord and congratulate WTO Director-General Roberto Carvalho de Azevêdo and our fellow WTO members on this achievement," Obama 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 on Saturday.

Overcoming a string of failures over the years, the WTO 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.

IMF chief hails WTO trade agreement

The International Monetary Fund (IMF) also welcomed the breakthrough in multilateral trade negotiations in Indonesia.

The breakthrough agreement reached in Bali by the WTO reaffirms the international community's commitment to an open trade system which boosts global growth and jobs, and cuts poverty, a news agency reported citing IMF chief Christine Lagarde.

"I fully support WTO 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."

(Agencies)

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