New agreement aims to streamline global trade

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Trade Facilitation Agreement has come into force. Photo: UNCTAD

A new global agreement that makes trade cheaper, easier and faster has been welcomed by the UN trade body, UNCTAD.

The Trade Facilitation Agreement could reduce costs by as much as 23 per cent, resulting in export gains of between US$750 billion and US$1trillion.

The deal, which came into force on Wednesday, aims to streamline procedures that will increase international trade, reduce corruption and boost development.

It was brokered by the member countries of the World Trade Organization (WTO).

Dianne Penn spoke to Johann Hoffmann, Chief of the Trade Logistics Branch at UNCTAD in Geneva, who outlined some of the benefits.

Duration: 3'55"

 

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