Trade deal could boost global exports by $1 trn: WTO

AFP, GENEVA: Full implementation of the world trade accord reached two years ago could increase global merchandise exports by up to $1 trillion annually, according to a new World Trade Organisation report published yesterday.
The World Trade Report offers the first estimates of the consequences of the December 2013 accord concluded at the WTO conference in Bali, noting in particular that emerging economies would capture more than half the gains.
The report "provides new evidence of the significant boost that the Trade Facilitation Agreement (TFA) will provide by expanding world trade, reducing costs and helping developed and least-developed countries to integrate into an increasingly globilised production system," said WTO director-general Roberto Azevedo.
"The world is more connected than ever before. More and more developing countries are seeking to join global trade networks," he added in a statement, stressing the need for quick implementation.
The WTO's landmark TFA deal on overhauling global customs procedures was the first multilateral agreement concluded by the organisation since it was founded in 1995.
The measures however will only take effect when ratified by the parliaments in two thirds of the 161 member-states. To date only 50 countries have done so.
It has been held up in part due to disagreements on the trade of agricultural goods and industrial goods, pitting bigger economies against smaller ones.

Trade deal could boost global exports by $1 trn: WTO

AFP, GENEVA: Full implementation of the world trade accord reached two years ago could increase global merchandise exports by up to $1 trillion annually, according to a new World Trade Organisation report published yesterday. The World Trade Report offers the first estimates of the consequences of the December 2013 accord concluded at the WTO conference in Bali, noting in particular that emerging economies would capture more than half the gains. The report provides new evidence of the significant boost that the Trade Facilitation Agreement (TFA) will provide by expanding world trade, reducing costs and helping developed and least-developed countries to integrate into an increasingly globilised production system, said WTO director-general Roberto Azevedo. The world is more connected than ever before. More and more developing countries are seeking to join global trade networks, he added in a statement, stressing the need for quick implementation. The WTOs landmark TFA deal on overhauling global customs procedures was the first multilateral agreement concluded by the organisation since it was founded in 1995. The measures however will only take effect when ratified by the parliaments in two thirds of the 161 member-states. To date only 50 countries have done so. It has been held up in part due to disagreements on the trade of agricultural goods and industrial goods, pitting bigger economies against smaller ones.