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Brazil ratifies Trade Facilitation Agreement
In Brasília, the Director-General met with the Minister of Foreign Affairs Mauro Vieira, the Minister of Development, Industry, and Foreign Trade Armando Monteiro, the Minister of Finance Nelson Barbosa, and Senator Aloysio Nunes, President of the Senate’s Foreign Affairs Committee.
The Director-General said:
“I was very pleased to receive Brazil’s ratification of the WTO’s Trade Facilitation Agreement. Trade facilitation reforms can help to cut trade costs, thereby improving trading conditions and supporting economic growth. Brazil has been undertaking important initiatives on this front, such as the implementation of a ‘single window’ system. Ratifying the WTO agreement is a major step forward. Full implementation could help to boost exports and help Brazil’s integration into global value chains, helping the country reap more gains from trade.
“WTO members are now working to capitalize on the agreements reached at recent Ministerial Conferences in Bali and Nairobi, by delivering further reforms to the global trading system. This debate will help determine the future of global trade negotiations — and so this is a critical moment. Brazil must keep making its voice heard and ensure that the WTO keeps delivering the deals that benefit Brazil and support economic growth and development globally.”
In Brasília, the Director-General addressed the National Confederation of Industry. His speech is available here.
In the coming days, DG Azevêdo will also visit São Paulo and Salvador for further meetings with government representatives, the private sector and academics.
The Trade Facilitation Agreement will enter into force once two-thirds of Members have domestically ratified a Protocol of Amendment and notified the WTO of their acceptance of this Protocol.
Implementation of the WTO Trade Facilitation Agreement has the potential to increase global merchandise exports by up to $1 trillion per annum, according to the WTO’s flagship World Trade Report 2015. The Report also found that developing countries will benefit significantly from the TFA, capturing more than half of the available gains.