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World Bank, IMF, ICC Welcome TPP

by Mike Godfrey,, Washington

08 October 2015

The conclusion of negotiations on the Trans-Pacific Partnership (TPP) has been welcomed by the World Bank, the International Monetary Fund (IMF), and the International Chamber of Commerce (ICC).

Anabel González, Senior Director of the World Bank Group's Global Practice on Trade & Competitiveness, said: "News that the TPP negotiations have concluded comes at a time when trade and competitiveness reforms are sorely needed to boost global growth. The TPP could inject energy into wider trade negotiations, especially in the WTO."

"The international community needs to look at every possible way of lowering trade costs and integrating developing countries into the global economy," she said.

Christine Lagarde, the Managing Director of the IMF, said: "The agreement is not only important because of the size, as the signatories countries account for about 40 percent of global GDP; it also pushes the frontier of trade and investment in goods and services to new areas where gains can be significant."

"We would need to review all the details before offering a comprehensive assessment, including the transitional effects and spillovers, but I expect that the TPP can pave the way to a new generation of deep trade integration efforts," Lagarde said. "I encourage other countries to renew their efforts to complete ongoing negotiations and the broader international community to reignite multilateral trade initiatives to ensure a cohesive global trading system."

"With global trade flows declining in the first half of this year, the TPP has the potential to provide a much needed stimulus to the world economy, with the benefits felt way beyond the 12 signatory states," ICC Chairman Terry McGraw and Secretary General John Danilovich said in a joint statement. "Small companies, in particular, will benefit enormously from simplified market access to a trade bloc covering almost 40 percent of global economic output."

"ICC stands ready to work with its global network to ensure that the TPP is implemented with the minimum of delay and to ensure the best practices of this '21st Century' agreement can be replicated at the global level," the joint statement said.

The Trans-Pacific Partnership includes 12 countries: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the US, and Vietnam.

TAGS: tax | investment | free trade agreement (FTA) | Brunei | Chile | export duty | energy | tariffs | International Monetary Fund (IMF) | trade treaty | Australia | Mexico | Singapore | Canada | Malaysia | New Zealand | Peru | import duty | trade | Japan | Vietnam | services | Asia-Pacific

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