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Obama Praises World Trade Organization Agreement

Official White House Photo by Pete Souza(NEW YORK) -- President Obama praised "the first fully multilateral trade agreement in the 20-year history of the World Trade Organization" on Sunday.

The deal simplified customs procedures and eased barriers to trade for all 159 of the WTO's members countries.

Obama added that the deal will "eliminate red tape and bureaucratic delay for goods shipped around the globe." Small businesses, he said would benefit greatly under the new rules as they "encounter the greatest difficulties in navigating the current system."

"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 said, thanking the WTO Director General and the other WTO members for their work on the deal.

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