New WTO agreement to upgrade World trade

Added On October 28, 2015

 In its newly released annual report, the World Trade Organization focuses the world's attention on the Trade Facilitation Agreement it plans to roll out.

The organization says as soon as the agreement is fully set in place, global merchandise exports could be increased by up to one trillion U.S. dollars every year.
For global trade, the Trade Facilitation Agreement could an upgrade from dial-up internet to broadband.
The report estimates that in the next 15 years, implementation of the agreement would add around 2.7 percent to world export growth every year, and more than half a percent to world GDP growth.
The 2015 World Trade Report is the first major study since the agreement was reached in Bali to examine its economic implications in full.
The report says developing countries in particular stand to gain from swift and full implementation of the agreement, which is expected to help them diversify their exports.
The Trade Facilitation Agreement was agreed by WTO members at a ministerial conference in Bali in late 2013. It was the first multilateral agreement successfully negotiated at the WTO.