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WTO Successfully Completes Agreement
The World Trade Organization (WTO) has finally agreed on a major deal that has been in the works for over a year. The Trade Facilitation Agreement (FTA) is designed to increase trade between countries by reducing legal challenges and costs. The agreement, anticipated to add $1 trillion to the world economy, is focused on trade facilitation, agriculture, and issues faced by developing countries.
The deal was originally agreed to Bali, Indonesia on December 7, 2013, but India delayed the original adoption over concerns involving its subsidization of food. The US and India just recently reached an understanding in regard to wording and the deal was unanimously approved by the organization’s 160 member countries.
The first major trade deal in the organization’s existence could lead to an increased focus on the multilateral trading system. The FTA could help lesser developed countries (LDC) enjoy the benefits of trade, while also helping developed countries by offering faster clearance times when trading with the LDCs.
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