G20 Leaders to Ratify Trade Facilitation Agreement by End of 2016

© AFP 2022 / FRED DUFOURA person gets out of the World Trade Organization (WTO) headquarter in Geneva (File)
A person gets out of the World Trade Organization (WTO) headquarter in Geneva (File) - Sputnik International
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The G20 leaders are committed to ratifying the World Trade Organization's Trade Facilitation Agreement by the end of 2016, according to the draft version of the Hangzhou communique.

Organisation (WTO) headquarter in Geneva (Switzerland) - Sputnik International
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HANGZHOU (Sputnik) — The G20 leaders are committed to ratifying the Trade Facilitation Agreement by the end of 2016 and have urged other World Trade Organization (WTO) members to follow suit, the draft version of the Hangzhou communique seen by Sputnik said.

"We commit to ratify the Trade Facilitation Agreement by the end of 2016 and call on other WTO members to do the same. We note the important role that bilateral and regional trade agreements can play in liberalizing trade and in the development of trade rules, while recognizing the need to ensure they are consistent with WTO rules," the communique said.

According to the communique, G20 states "commit to ensure the bilateral and regional trade agreements complement the multilateral trading system, and are open, transparent, inclusive and WTO-consistent."

WTO members concluded the Trade Facilitation Agreement negotiations on boosting global trade by reducing tariffs and facilitating the movement and release of goods when they met in Bali, Indonesia in 2013. The agreement, known as the Bali Package, enters into force only with a two-thirds approval vote by the 161-member trade organization. As of now, 90 WTO members have ratified the agreement.

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