THE 160 member states of the World Trade Organisation (WTO) has given unanimous backing in Geneva to the Trade Facilitation Agreement (TFA) - its biggest deal in its history.
The first global multilateral agreement came after India got its way on food subsidies, having reneged on an earlier agreement to restrict them. Despite much pressure, India would only agree to the deal if it were exempt from restrictions on food subsidies.
Last year, at the WTO Ministerial Conference in Bali, Indonesia, efforts to put the TFA in place were dealt a crippling blow when countries, led by India, stopped progress over this issue.
India's refusal to give way threatened the deal, but the US worked with India to break the impasse, reported Newark's Journal of Commerce.
Said Indian Commerce Minister Nirmala Sitharaman: "We concentrated on explaining India's stand and worked to find a way forward. We were able to resolve our differences with the US, and persuade them to support us."
The pact, called the Bali Package, is the largest trade deal in WTO history and intends expedite shipments and create a single window for the submission of manifests to all relevant government agencies, reported American Shipper.
Said Agility CEO Tarek Sultan: "Though there’s no magic in the package, the measures would eliminate paperwork, make rules more transparent, fast-track low-risk shipments, and create 'single windows' for importers and exporters to pay fees and submit documents. The magic will be in the results.?
Said US Trade Representative Michael Froman: "The Trade Facilitation Agreement has the potential to fundamentally reform global customs practices and substantially reduce the costs and time associated with goods crossing borders. It's a particularly important win for small- and medium-sized businesses in all countries."
WORLD SHIPPING
02 December 2014 - 22:39
Trade Facilitation Agreement wins unanimous backing at WTO in Geneva
THE 160 member states of the World Trade Organisation (WTO) has given unanimous backing in Geneva to the Trade Facilitation Agreement (TFA) - its biggest deal in its history.
WORLD SHIPPING
02 December 2014 - 22:39
Trade Facilitation Agreement wins unanimous backing at WTO in Geneva
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