WTO delivers good news for logistics managers
December 09, 2013
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.
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