Global Trade Boost: WTO Strike US$1-Trillion Doha Deal

MarineLink.com
Monday, December 09, 2013
Bali meeting: Photo credit WTO

Ministers from 159 countries have reached agreement on a deal intended to boost global trade at a meeting in Bali, Indonesia. The World Trade Organization's (WTO) first comprehensive agreement involves an effort to simplify the procedures for doing business across borders.

According to the WTO the Bali Package is described as the first major agreement among its members since it was formed in 1995 under agreements from the 1986-94 Uruguay Round negotiations. The most significant for global commerce is the trade facilitation part of the package, which is about cutting red tape and speeding up port clearances.

Part of the deal involves assistance for developing and least developed countries to update their infrastructure, train customs officials, or for any other cost associated with implementing the agreement.

The benefits to the world economy are calculated to be between $ 400 billion and $1 trillion by reducing costs of trade by between 10% and 15%, increasing trade flows and revenue collection, creating a stable business environment and attracting foreign investment.

“We did it!” said Indonesia’s Trade Minister Gita Wirjawan, who chaired the conference. “We achieved what many said could not be done. President Susilo Bambang Yudhoyono told us on Tuesday that the mystique of Bali would have a positive effect on our negotiations. This is the place where deals get done. I am delighted that Bali has not let us down.”

“For the first time in our history: the WTO has truly delivered,” said WTO Director-General Roberto Azevêdo. “I challenged you all , here in Bali, to show the political will we needed to take us across the finish line. You did that. And I thank you for it.”

The Bali Package is a selection of issues from the broader Doha Round negotiations. Echoing calls from many delegations, Mr Azevêdo, said members’ attention should now turn the rest of the round, known semi-officially as the Doha Development Agenda.


 

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

People & Company News

TOTE Finalizes Charter for LNG Containerships

World’s first LNG powered containerships to serve Puerto Rico TOTE, Inc. announced an agreement today between its operating companies TOTE Shipholdings Inc.

Hamburg Süd Opens Office in India

Hamburg Süd announced the opening of an office in Gandhidham, India, on October 1, 2014. It is the second branch office in the state of Gujarat. Hamburg Süd already has three offices in Mumbai,

GAC Marine Logistics Shifts Central Office to Singapore

In a move that brings it closer to key Asian markets, ship spares logistics specialist GAC Marine Logistics (GML) has relocated its head office to Singapore. The

Contracts

TOTE Finalizes Charter for LNG Containerships

World’s first LNG powered containerships to serve Puerto Rico TOTE, Inc. announced an agreement today between its operating companies TOTE Shipholdings Inc.

Ahrenkiel Steamship Consolidates Entire Fleet at DNV GL

Ahrenkiel Steamship, the newly formed German ship management company, will consolidate its entire fleet at DNV GL. Nick Topham managing director of Ahrenkiel Steamship and Tor E.

Frontline & TI form new VLCC Company

Frontline Management (Bermuda) Ltd. and Tankers International LLC (TI) today announced the formation of a new company, VLCC Chartering Ltd ('the Company').

Finance

Oil Traders Say OPEC May Be Heading for Price War

Saudi Arabia's decision to slash the official selling price for its oil has sparked trader talk of an emerging OPEC price cutting war, as members of the producer

Yara Completes Acquisition of OFD Holding

Yara International ASA has obtained relevant regulatory approvals and closed the acquisition of OFD Holding Inc. (OFD) allowing the integration process to start.

Vallianz Acquires OER Holdings for $28m

Vallianz Holdings Limited, a provider of offshore support vessels and integrated marine solutions to the oil and gas industry, has today announced that it is acquiring OER Holdings Pte.

Government Update

Dredging the River Elbe: Waiting for Luxembourg

Decision delayed on the Deepening and Widening of the Navigation Channel of the Lower and Outer Elbe The Federal Administrative Court in Leipzig today adjourned

Wave Energy Conversion Competition Offers Cash Prize

Ricardo has been selected by the U.S. Department of Energy (DOE) Office of Energy Efficiency and Renewable Energy to administer a ocean Wave Energy Converter (WEC) prize challenge,

Port City Plans for New Cargo Taxes Angers Kenya Govt, Shippers

Proposals by a local authority to impose new taxes on cargo at Kenya's main port has drawn opposition from the government and shippers, saying it will hike import

Logistics

Dredging the River Elbe: Waiting for Luxembourg

Decision delayed on the Deepening and Widening of the Navigation Channel of the Lower and Outer Elbe The Federal Administrative Court in Leipzig today adjourned

TOTE Finalizes Charter for LNG Containerships

World’s first LNG powered containerships to serve Puerto Rico TOTE, Inc. announced an agreement today between its operating companies TOTE Shipholdings Inc.

Hamburg Süd Opens Office in India

Hamburg Süd announced the opening of an office in Gandhidham, India, on October 1, 2014. It is the second branch office in the state of Gujarat. Hamburg Süd already has three offices in Mumbai,

 
 
Maritime Careers / Shipboard Positions Maritime Security Navigation Pipelines Pod Propulsion Port Authority Salvage Ship Simulators Shipbuilding / Vessel Construction Sonar
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: 0.1799 sec (6 req/sec)