Barbados Ratifies WTO Trade Faciliation Agreement
by Mike Godfrey, Lowtax.net, Washington
13 February, 2018
Barbados has ratified the World Trade Organization's (WTO's) Trade Facilitation Agreement.
The Agreement contains provisions to expedite the movement, release, and clearance of goods at borders. It also aims to improve transparency in transactions and reduce the scope for corruption.
Barbados's Government says the Agreement is unique because it gives developing countries the ability to determine the pace of implementation of the provisions. It will enable Barbados to remedy existing barriers to trade and facilitate investment.
Full implementation of the Agreement is forecast to reduce global trade costs. It is expected to boost world export growth by 2.7 percent a year and add more than 0.5 percent a year to world GDP growth by 2030.
The Trade Facilitation Agreement entered into force on 22 February 2017 when the WTO obtained acceptance of the Agreement from two-thirds of its 164 members. In addition to Barbados, four other states have ratified the pact since the beginning of the year: Israel, the Central African Republic, Argentina, and Bolivia.
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