WTO delivers good news for logistics managers
Recent developments demonstrate that the World Trade Organization is not such a dysfunctional entity after all.
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The World Trade Organization is the not such a dysfunctional entity after all. Late last week came news that the WTO’s 159 members came to an agreement to deliver a compromise package at the 9th Ministerial Conference.
This at long last, confirms the organization’s ability to serve as a forum for negotiation of international trade rules.
Perhaps more importantly, though, is that there is now a new base from which WTO nations can continue to elevate customs standards.
This could further support the pending Trans-Pacific Partnership (TPP) Agreement and Transatlantic Trade and Investment Partnership (TTIP) negotiations now being hammered out.
Meanwhile, the final WTO agreement includes a set of commitments that will help increase global trade, reduce administrative costs and delays at the border as well as help promote economic development among the world’s poorest countries.
Congratulations to U.S. Trade Representative Michael Froman, and U.S. Ambassador to the WTO Michael Punke for spearheading this impressive achievement.
About the AuthorPatrick Burnson, Executive Editor Patrick Burnson is executive editor for Logistics Management and Supply Chain Management Review magazines and web sites. Patrick is a widely-published writer and editor who has spent most of his career covering international trade, global logistics, and supply chain management. He lives and works in San Francisco, providing readers with a Pacific Rim perspective on industry trends and forecasts. You can reach him directly at [email protected]
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