International Chamber of Commerce says TFA breakthrough a victory for global economy

Monday, 8 December 2014 00:00 - - {{hitsCtrl.values.hits}}

The International Chamber of Commerce has described the recent breakthrough of Trade Facilitation Agreement (TFA) as a victory for the global economy. The World Trade Organization (WTO) members recently secured a deal that paves the way for implementing the Trade Facilitation Agreement, the first global multilateral trade deal to be sealed in the history of the WTO. “Adoption of this landmark agreement is a triumph not only for businesses worldwide but also for the global economy, given its potential to considerably reduce transaction times and costs in both emerging and developed economies. Along with other elements of the Bali package, the deal has a huge potential to boost growth by injecting US$1 trillion into the global economy and to create up to 21 million new jobs,” the ICC said. It said members notable actions and efforts during the recent TFA impasse, contributed to getting negotiators back to the table to conclude the first multilateral trade deal in nearly twenty years. Since the first ministerial conference of the WTO in 1996 in Singapore, ICC has played a significant role in putting trade on the WTO agenda and then urging negotiations on a multilateral agreement on trade facilitation. “By tapping into our extensive global network, we continue to provide business input to the negotiations agenda and look forward to your continued efforts in this regard,” ICC said. “I would like to express my sincere gratitude for your constant and strong support for the TFA. The remarkable efforts you have put into calling for further action through your communication and advocacy initiatives have truly contributed to getting this landmark deal back on track. I now look forward to working towards full implementation of the agreement and the advancement of the Doha Development Agenda, for which our global network will be an exceptional asset,” ICC Secretary General John Danilovich said “I also take this opportunity to recognise the outstanding leadership and perseverance demonstrated by WTO Director-General Roberto Azevedo during the long process of negotiations, and for returning the multilateral trading system to centre stage,” he added.

Sri Lanka stands to benefit: ICC SL Chief

Sri Lanka was one of the early supporting countries to the initiatives of the Bali package, G20 and B20 negotiations in a positive manner.

“We realised the benefits of multilateral trading to a small country like Sri Lanka from the inception,” ICC Sri Lanka Chairman Keerthi Gunawardane said. In a meeting last month in New Delhi, Indian Secretary of Commerce Rajeev Kher agreed that the Indian government was aware of the critical importance of the multilateral trading framework and on-going negotiations on the agreement. “Sri Lanka is in the process of promoting value added products and services to the global market. We can largely benefit the implementing of Trade Facilitation Agreement by the World Trade Organization (WTO),” Gunawardane added.