DOHA: Qatar Chamber said that it had worked along with International Chamber of Commerce (ICC) and other World Trade Organisation (WTO) parties to seal a historic agreement at the 9th WTO Ministerial Conference in Bali. The drive was a partnership created by the two organisations called the ICC Business World Trade Agenda (WTA).
The trade facilitation deal would contribute to economic growth and job creation by simplifying administrative procedures and standards that dictate how goods cross borders or how they are handled at customs.
The deal will also restore confidence in the multilateral trading system and generate a stimulus of $1 trillion and 21 million jobs in the world economy.
According to ICC, this agreement is expected to reduce cross-border transaction costs for companies by 10 to 15 percent and is a significant step for businesses in all sectors and of all sizes around the world.
ICC Secretary General Jean-Guy Carrier said he was confident that impetus from the agreement reached in Bali will drive further negotiations at the WTO in Geneva to complete other important elements of the Doha Development Agenda.
“We are thrilled with this outcome which is particularly important for developing countries who will be the main beneficiaries of this agreement,” he said.
In April 2013, Qatar Chamber and ICC hosted the ICC World Trade Agenda Summit in Doha, bringing together business leaders and key policymakers in order to move beyond the Doha Development Round deadlock and ratify trade negotiations.
Victor K. Fung, Chairman of the ICC World Trade Agenda, said: “The door is now open to proceed with a forward-looking, post-Bali trade agenda that meets the needs of today’s global economy. This new trade agenda should include talks towards a multilateral framework on investment.”
The Peninsula
