WTO deadline critical for economic growth and jobs

The International Chamber of Commerce is rallying its global network to highlight the adverse consequences of missing a first deadline [of July 31] to implement the World Trade Organization’s (WTO) Trade Facilitation Agreement (TFA). The ICC action follows reports that a small number of WTO members, including India, have proposed postponing implementation until negotiations on other aspects of the accords reached in Bali last year are complete.

...ICC Chairman Harold McGraw and Secretary General John Danilovich forewarn trade ministers that failure to meet the deadline would stall multilateral trade liberalization momentum and prevent developing and developed countries alike from reaping the benefits of the deal, which if fully implemented would lead to significant increases in growth worldwide...

Recognizing the importance of reaching an agreement on food security commitments contained in the Bali package, ICC said that legal adoption of the TFA now would create an environment within the WTO conducive to advancing dialogue on this vital issue in the coming months.

ICC calls on all WTO trade ministers to consider the benefits of the TFA to businesses in their respective economies and stressing that trade facilitation reforms would improve border and customs processes and lead to new market opportunities for businesses large and small, in both developed and developing economies...

This has been excerpted from the 28 July 2014 article by the International Chamber of Commerce (ICC) and is available in its entirety at http://www.iccwbo.org/News/Articles/2014/WTO-deadline-critical-for-economic-growth-and-jobs-ICC-tells-trade-ministers/