THE World Trade Organisation has announced that Hong Kong was the first among the 160 WTO members to join the WTO Trade Facilitation Agreement.
Said Hong Kong Secretary for Commerce and Economic Development Gregory So: "The agreement is the first multilateral agreement concluded since the establishment of the WTO. We reaffirm our strong commitment to the multilateral trading system by being the first WTO member to join this agreement."
The trade facilitation accords set out binding obligations for all WTO members to improve and harmonise their import-export and customs procedures.
The agreement will bring substantial benefits to the world economy by removing inefficiencies in the movement of goods, said the Hong Kong Government Information Services press release.
The WTO estimates the agreement will cut worldwide barriers to global supply chains and red tape by half, and expand the world economy by 4.5 per cent, which is about US$1 trillion.
"The agreement will help reduce costs and improve efficiency in doing business under a more transparent and predictable trading environment," Mr So said.
WTO director general Roberto Azevedo and General Council chairman Jonathan Fried commended Hong Kong for its early acceptance of the agreement.
WORLD SHIPPING
15 December 2014 - 00:09
Hong Kong first of 160 WTO members to join Trade Facilitation Agreement
THE World Trade Organisation has announced that Hong Kong was the first among the 160 WTO members to join the WTO Trade Facilitation Agreement.
WORLD SHIPPING
15 December 2014 - 00:09
Hong Kong first of 160 WTO members to join Trade Facilitation Agreement
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