Implications of WTO Trade Facilitation Agreement on Your Business
Impact of WTO Trade Facilitation Agreement on Your Businesses and Profits Recently concluded WTO Ministerial Meeting at Bali has taken one more step to make the world more open market place. In other words, policy makers are forced to make the system more open and time bound. Approvals and clearances will be time bound. Businesses will have to respond faster to changing market reality. Now, domestic Industry have to compete, with international products and services, at home. WTO Agreement on Trade Facilitation: Trade facilitation boosts trade by reducing costs and delays for traders, through measures that provide predictability, simplicity and uniformity in customs and other border procedures. It makes it easier for businesses big and small to participate in trade around the world – and to support jobs through that trade. The WTO Trade Facilitation Agreement creates binding commitments across 159(+) WTO Members to expedite movement, release and clearance of goo