Trading Agreement Facilitator

The Trade Facilitation Agreement in 2014 was confirmed in December 2013 at the Ninth Ministerial Conference in Bali, Indonesia. [1] After nearly 20 years of negotiations, on December 27, 2014, the agreement was officially an open invitation from the 160 members of the World Trade Organization (WTO). [1] However, the agreement will not be ratified until 2/3 of the members have informed the WTO of their agreement. For the WTO, the agreement can be considered a historic achievement, as it is the first multilateral agreement since the creation of the WTO in 1995. The 2014 Trade Facilitation Agreement is a global multilateral initiative to streamline strict international trade procedures. The main concern of the agreement is to have many positive effects on developed and least developed countries. The trade facilitation agreement is estimated to reduce trade costs by an average of 14.5 per cent. This, in turn, would improve global trade by a trillion dollars. [1] This reduction in bureaucratic “bureaucracy” will adapt favourably to small and medium-sized enterprises and facilitate their trade and adherence to global value chains. One of the most important aspects of this agreement is the new principle that the commitments of developing and least developed countries in the implementation of the provisions of the agreement depend on obtaining the necessary technical capacity. [1] Indeed, the following measures of the Hong Kong ministerial meeting did not evolve at the expected speed.

It was not until December 2009 that the “draft consolidated negotiating text” was put into circulation. This draft consisted of about 1700 square brackets that highlighted the main conflicting opinions. These parentheses eventually locked to about 2200, until they eventually went down. The President decided to appoint several organizers to try to reduce the number of parentheses. Finally, there were more than 14 groups of moderators working in parallel on topics and negotiations. [2] At the end of 1999, the “Colorado Group”, composed mainly of industrialized and some developing countries, began to promote the idea of a comprehensive negotiating mandate. However, this has met with a number of resistances. Some members preferred to pursue the exploratory path rather than set mandatory mandates.