First global trade deal signed

A ground-breaking agreement signed by 160 members of the World Trade Organisation is set to make it easier for small to medium enterprises to enter into the global economy and boost global trade by US$1 trillion, according to the WTO. Signed on November 28, the “Trade Facilitation Agreement” is the first of its kind. It requires each member state to “promptly publish” comprehensive information about export, import and transit procedures. WTO director-general Roberto Azevedo said the deal was now operational and would come into force once two thirds of the members had officially accepted it. “We have put ourselves back in the game,” he said when announcing that agreement had been reached on the agreement. According to WTO estimates, the agreement could increase total world trade to US$23 trillion from its current estimate of US$22 trillion. Member countries have agreed to introduce new standards for customs checks and border procedures.