NOW that India got its way on food subsidies and Bali Package of trade reforms is back on track, Asian exporters appear to have gained the most - if it is ratified, says the UK's Transport Intelligence.
Major Asian exporting nations are expected to be the chief beneficiaries because they would have better access to more markets and because their share of world trade was already forecast to increase faster than that of developed countries.
The logistics industry has also praised the reform package as a return to more ambitious, multi-lateral agreements that could truly open up global trade in ways that bi-lateral free trade agreements (FTA) have not.
The Bali Package of trade liberalisation measures agreed in December 2013 by the WTO's member states, and now called the Trade Facilitation Agreement (TFA), resuscitated the moribund Doha Round of global trade talks that started in 2001.
By giving in to India on food subsidies, the Bali Package now seems ready to pave the way to easing customs red-tape and other trade barriers as well as reviving the Doha Round spirit, making the WTO a force again a period of growing protectionism.
The flaw is that all 160 WTO members need to agree, and some are opposed but are happy enough if another country stymies the deal without involving them, who oppose these measures, but would rather not appear to be doing so.
If ratified the TFA would rank as a major accomplishment for the WTO, but there is still some way to go before vast new opportunities for the logistics and express industries make global trade more efficient and transparent. Because not everybody wants that.
WORLD SHIPPING
02 December 2014 - 08:32
Asian exporters stand to gain most from Bali trade agreement - if ratified
NOW that India got its way on food subsidies and Bali Package of trade reforms is back on track, Asian exporters appear to have gained the most - if it is ratified, says the UK's Transport Intelligence.
WORLD SHIPPING
02 December 2014 - 08:32
Asian exporters stand to gain most from Bali trade agreement - if ratified
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