Paris, August 7, 2014 – The B20 Coalition expresses deep regret over the failure of WTO countries to ratify the Bali trade facilitation agreement (TFA) and urges all parties to get negotiations back on track with the minimum of delay.
The landmark pact, announced at the World Trade Organization (WTO) ministerial in Bali last December, committed countries to standardize customs procedures and facilitate the movement of goods across borders, key reforms that could reduce trade costs by 11 to 15 percent and deliver up to US$1 trillion dollars to the world economy.
In its report on Trade and Investment published in July 2014, the B20 Coalition stressed the importance of the Bali WTO agreement and the Doha round for the world trade system. The fear among the 6.7 million businesses it represents is that failure to adopt the TFA will jeopardize future progress on Doha and undermine the WTO, ultimately creating a more fragmented and less effective global trading system.
Following the announcement of the Bali impasse on July 31, the B20 Coalition has undertaken an extensive round of consultations with its members and some of the companies within its network. They are deeply affected by the collapse of an initiative hailed as an essential step towards growth recovery and job creation and united in the view that all possible action must be taken to rescue this deal.
Perrin Beatty, President of the B20 Coalition, said: “This may be a significant setback, but it’s not the end. The Coalition is committed to do all it can to help put the process back on track and will start a series of engagements with governments and the WTO to get all parties back to the table.”
“Maintaining momentum is essential”, he added. “WTO members should agree a work programme for the Doha round by the end of this year, as planned, and the WTO Doha Round should be completed by the end of 2015.”
About the B20 Coalition
The B20 Coalition brings together leading independent business associations from G20 economies in a shared mission to address G20 policy-makers on behalf of more than 6.7 million businesses of all sizes and from all sectors.
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B20 Coalition members
Ai Group, Australia · BDI, Germany · BUSA, South Africa · BUSINESSEUROPE, Europe · CBI, United Kingdom · CCC, Canada · CEOE, Spain · CII, India · CNI, Brazil · Confindustria, Italy · Coparmex, Mexico · FKI, South Korea · MEDEF, France · TÜSİAD, Turkey · UIA, Argentina · US Chamber, USA