News Content
Hong Kong first of 160 WTO members to join Trade Facilitation Agreement
THE World Trade Organisation has announced that Hong Kong was the first among the 160 WTO members to join the WTO Trade Facilitation Agreement.
Said Hong Kong Secretary for Commerce and Economic Development Gregory So: "The agreement is the first multilateral agreement concluded since the establishment of the WTO. We reaffirm our strong commitment to the multilateral trading system by being the first WTO member to join this agreement."
The trade facilitation accords set out binding obligations for all WTO members to improve and harmonise their import-export and customs procedures.
The agreement will bring substantial benefits to the world economy by removing inefficiencies in the movement of goods, said the Hong Kong Government Information Services press release.
The WTO estimates the agreement will cut worldwide barriers to global supply chains and red tape by half, and expand the world economy by 4.5 per cent, which is about US$1 trillion.
"The agreement will help reduce costs and improve efficiency in doing business under a more transparent and predictable trading environment," Mr So said.
WTO director general Roberto Azevedo and General Council chairman Jonathan Fried commended Hong Kong for its early acceptance of the agreement.
Said Hong Kong Secretary for Commerce and Economic Development Gregory So: "The agreement is the first multilateral agreement concluded since the establishment of the WTO. We reaffirm our strong commitment to the multilateral trading system by being the first WTO member to join this agreement."
The trade facilitation accords set out binding obligations for all WTO members to improve and harmonise their import-export and customs procedures.
The agreement will bring substantial benefits to the world economy by removing inefficiencies in the movement of goods, said the Hong Kong Government Information Services press release.
The WTO estimates the agreement will cut worldwide barriers to global supply chains and red tape by half, and expand the world economy by 4.5 per cent, which is about US$1 trillion.
"The agreement will help reduce costs and improve efficiency in doing business under a more transparent and predictable trading environment," Mr So said.
WTO director general Roberto Azevedo and General Council chairman Jonathan Fried commended Hong Kong for its early acceptance of the agreement.
Latest News
- For the first time, tianjin Port realized the whole process of dock operati...
- From January to August, piracy incidents in Asia increased by 38%!The situa...
- Quasi-conference TSA closes as role redundant in mega merger world
- Singapore says TPP, born again as CPTPP, is now headed for adoption
- Antwerp posts 5th record year with boxes up 4.3pc to 10 million TEU
- Savannah lifts record 4 million TEU in '17 as it deepens port
