CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. Businesses Call On G-20 Leaders To Ratify WTO TFA

Businesses Call On G-20 Leaders To Ratify WTO TFA

by Ulrika Lomas, Tax-News.com, Brussels

18 February 2015


Business leaders have called on the Group of Twenty (G-20) nations to ratify and quickly implement the World Trade Organization's Trade Facilitation Agreement.

During a meeting in Istanbul on February 9, 2015, the Business-20 (B-20) trade task force, comprising 68 company executives from 25 countries, urged the G-20 leaders to implement all elements of the WTO ministerial decisions adopted at the Bali Ministerial Conference on December 7, 2013.

"The world's leading corporations are deeply invested in helping to shape a trade agenda that will deliver economic growth and millions of new jobs," said Güler Guler Sabanci, Chairman of Turkey's Sabanci Holdings, who co-chaired the task force meeting with International Chamber of Commerce Chairman Harold McGraw. "Trade is key to meeting the G-20's growth targets over the next five years, and the G-20 plays a critical role in driving the negotiations forward," she said.

"G20 Leaders in Brisbane pledged to implement all elements of the Bali package and to swiftly define a WTO work program on the remaining issues of the Doha Development Agenda, [towards a global free trade agreement]," said McGraw. "The time is now for government leaders to deliver progress on the trade agenda, and business stands ready to ensure that these pledges are fulfilled," he said.

The TFA will create binding commitments across all WTO members to expedite the movement, release, and clearance of goods, improve cooperation among WTO members in customs matters, and help developing countries fully implement the Agreement's terms. It is estimated that the agreement can cut trade costs by almost 14.5 percent for low-income countries, and by 10 percent for high-income countries, forming part of international efforts to cut tax barriers to trade on a global basis under the Doha Round.

TAGS: tax | business | export duty | tariffs | World Trade Organisation (WTO) | import duty | G20 | trade

To see today's news, click here.

 















Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Stay Updated

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.


To manage your mailing list preferences, please click here »