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Global business group prods WTO to reach customs deal this year

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  • Global business group prods WTO to reach customs deal this year

    A study done for the ICC by the Peterson Institute for International Economics estimated a WTO "trade facilitation" package to simplify customs and other procedures for handling goods at the border could boost world exports by more than $1 trillion, including $570 billion for developing countries and $475 billion for developed countries.

    The reforms also could increase global economic output by $960 billion and create about 21 million jobs, most of those in developing countries, the Washington-based think tank said.
    The ICC also will recommend that developed countries agree in Bali to eliminate duties and quotas on at least 97 percent of exports from least-developed countries, following through on a pledge WTO members made in December 2005.

    WTO members should also lock in another "conditional" agreement reached eight years to eliminate agricultural export subsidies, and take the additional step of committing to not impose export restrictions on food, the group said.
    http://www.reuters.com/article/2013/...93G10820130417
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