ICC calls TFA Setback Disappointing

By Joseph R. Fonseca
Sunday, August 03, 2014


The International Chamber of Commerce has expressed deep concern that the deadline to implement the World Trade Organization’s (WTO) Trade Facilitation Agreement (TFA) has been missed.

Under the terms of the WTO’s Bali deal—agreed to by all WTO members last December— a “legal protocol” to operationalize the TFA was due to be agreed today by the WTO membership. This deadline has now been missed due to a standoff over the negotiation of a separate agreement on national food security programmes.

Commenting on the news, ICC Secretary General John Danilovich said: “There’s huge frustration that a deal with the potential to inject a US$1 trillion stimulus into the global economy has been blocked by a diplomatic standoff in Geneva.

“The deal agreed in Bali last December matters to us all. We’re talking about a common-sense package of reforms that will make it easier for small businesses to export, reduce prices for consumers and help tackle corruption,“What we can’t afford now is inaction: Action is needed to save a deal that would bring real-world benefits for us all—and particularly the world’s poorest. The priority now must be on taking swift action to ensure the potential benefits of the agreement are realized.

“Business supports the WTO delivering more rapidly on the development aspects of the Doha Round. We need to find a way to make this happen in the coming months. But clearly the first step has to be implementation of trade facilitation reforms—in line with the agreement forged just seven months ago. Our message is clear. Get back to the table, save this deal and get the multilateral trade agenda back on the road to completion sooner rather than later, to grow the economy and create jobs without further delay.”

If fully implemented by all WTO members, the trade facilitation agreement and associated reforms could, over time deliver an additional one trillion dollars to the world economy and lead to the creation of as many as 21 million jobs, of which 18 million are in developing countries.

Research has also suggested that implementation of the TFA could add around US$21 billion to India’s domestic economy by 2020—with an associated boost to exports of around 10%.
 

On behalf of its global network reaching 6 million enterprises in 130 countries, ICC reaffirms its commitments to working with business and governments to ensure business expertise and opinion make a valued contribution to the global trade agenda.
 

Maritime Reporter November 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

News

US Shippers, West Coast Dockworkers Union Resume Contract Talks

Negotiators for shipping lines and terminal operators at 29 U.S. West Coast ports resumed contract talks with the union for dockworkers on Thursday, as cargo backups continued at the ports,

USCG Says Unaffected by Cuba Policy Changes

The U.S. Coast Guard (USCG) issued a statement today stating that the United States’ Cuba policy change will not impact its missions annd operations. “Coast Guard

Report: Dire Conditions in Indian Shipbreaking Yards

Report by Indian research institute reveals poor enforcement of occupational health and safety provisions   The working and living conditions at the shipbreaking yards of Alang,

Logistics

US Shippers, West Coast Dockworkers Union Resume Contract Talks

Negotiators for shipping lines and terminal operators at 29 U.S. West Coast ports resumed contract talks with the union for dockworkers on Thursday, as cargo backups continued at the ports,

Great Lakes Coal Trade Slows in November

Coal shipments on the Great Lakes totaled 2.6 million tons in November, a decrease of 3 percent from a year ago, as shipments were affected by weather-related delays,

Hoists Facilitate Offshore Crane Repairs

When the diesel engine of a deck crane failed, it caused major handling problems for an offshore platform operating in the Dutch sector of the southern North Sea,

 
 
Maritime Contracts Navigation Offshore Oil Pipelines Port Authority Salvage Ship Electronics Ship Simulators Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 1.9553 sec (1 req/sec)