McClarkin promotes virtues of key trade deal

02-Oct-2015 @ 16:0

Emma McClarkin Emma McClarkin

Amjad Bashir Amjad Bashir

Amjad Bashir Amjad Bashir

Emma McClarkin MEP this week visited the World Trade Organisation in Geneva to highlight the importance of ratifying a major trade deal focussing on the streamlining of customs procedures across the world.

The Conservative spokesman for trade joined a panel at to discuss the geopolitical significance of the Trade Facilitation Agreement. The main aim of the TFA is to quicken the movement, release and clearance of goods through customs. It provides a template of best practices that countries can implement to avoid the added cost and time of having to deal with different processes.

The agreement takes into account the differing levels of development of all the countries involved in the agreement by adjusting implementation deadlines and providing monetary assistance where needed. It is hoped that this will ensure that not only developed countries take part.

Miss McClarkin said: “It is vital that we get this deal across the line; that two thirds of the WTO Members ratify the agreement by the end of the year. Studies are showing us that by implementing the new customs procedures world trade costs could be reduced by as much as 17.5%, adding €60 billion Euros to global gross domestic product each year.

"Cost savings for businesses should be passed down to the consumer, meaning cheaper goods. However, given that we are also ensuring the participation of developing countries, it will also mean a wider selection of goods being made available across borders. It really is a win-win situation.

“I am delighted that the EU is playing such a prominent role in this process by having signed up with a number of months left until the WTO Ministerial Conference in December. Hopefully this encourages other Members to expedite this process so that we can all benefit from a more streamlined international trading environment, for the benefit of businesses and consumers alike”

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