WTO approves a trade facilitation pact for SMEs

WTO has approved a trade facilitation pact which is likely to ease the business environment across borders for SMEs, according to a PTI report.

"The TFA will make it easier for small and medium-sized enterprises to do business across borders. Since SMEs account for the bulk of employment worldwide, lowering the cost of joining value chains should mean more and better jobs," International Trade Center (ITC) executive director Arancha Gonzalez said on WTO's Trade Facilitation Agreement.

The pact has also agreed to the demand of India to continue the peace clause until the settlement of the food stockpiling issue which is an integral part of the food security scheme.

ITC being a joint agency of the World Trade Organization and the United Nations empower SMEs and enabling them to compete in the global markets and intends to sustain the economic development under the Aid-for-Trade agenda and the Millennium Development Goals.

Gonzalez said further, “Border inefficiencies are detrimental to countries' ability to participate in international trade. The growing importance of multi-country value chains has made logistical efficiency critical to countries' ability to use international trade to drive economic growth and development.”

"The TFA addresses these challenges directly, by seeking to reduce the time and costs of cross-border operations, and making customs procedures transparent and predictable," he added.

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