During the G20 Trade Ministers meeting in Istanbul yesterday, the Luxembourg Minister of Foreign and European Affairs, Jean Asselborn, handed over the European Union's Instrument of Accession to the Trade Facilitation Agreement to the Director General of the World Trade Organisation, Robert Azevêdo.
This Trade Facilitation Agreement (TFA) was concluded at the 9th ministerial meeting of the WTo in December 2013 in Bali, and the adoption marks a major success in the neogtiations of the Doha Development Agenda (DDA) which began in November 2001 with a view to reviving the global economy in the coming years, particularly through trade facilitation.
Particular emphasis has been placed on the development aspect, particularly with regards to the least developed countries (LDCs) and small and medium enterprises (SMEs). A European Parliament report on the TFA suggests that "its improved customs procedures have the potential to add approximately €60 billion a year to global GDP" with the EU hvaing pledged "more than €400 million in assistnce, to be disbursed over a period of five years, to help developing and least developed countries with the necessary adjustments".
The finalisation of the EU ratification process, performed in the presence of the European Trade Commissioner Cecilia Malmström, has demonstrated Europe's commitment to furthering the DDA ahead of the 10th Ministerial Meeting of the WTo to take place from 15 to 18 December in Nairobi, with a particular focus on the better integration of developing countries in world trade.
Minister Asselborn, who was involved in the process in his capacity as Chairman of the Foreign Affairs Council (Trade), welcomed the agreement in its potential as a notable propeller for the revival of multilateral solutions to major global challenges. Luxembourg as a logistics platform and cross-border services provider will seek to take full advantage of the agreement.
Photo by MAEE
