Implementing the World Trade Organization’s (WTO) Trade Facilitation Agreement (TFA) could increase the value of global exports by up to $1 trillion a year, according to a study.
The report is the first detailed study by the WTO into the potential effects of the TFA, which aims to standardise, streamline and speed up customs processes around the world.
The WTO said “fuller, faster” implementation of the agreement would increase the value generated and the TFA could result in a 0.5 per cent boost to global annual GDP.
The report said developing countries would benefit most from the TFA and they are expected to enter 30 per cent more foreign markets as a result of the agreement, with a 20 per cent increase in the number of new products exported. Read more. Source | Supply Management