Ratification of the World Trade Organization’s (WTO) Trade Facilitation Agreement, which is estimated to create 21 million jobs and increase global GDP by $1 trillion over the next decade, is a top priority for USCIB. On March 29, Brazil became the 72nd WTO member to ratify the TFA, an agreement that was forged under the leadership of Brazilian WTO Director General Roberto Azevedo, whom USCIB honored with its 2014 International Leadership Award.
In order for the TFA to enter into force, 108 WTO members must ratify the agreement. Brazilian President Dilma Rousseff signed the Trade Facilitation Agreement during a high-level ceremony at the Palacio do Planalto in Brasilia with the attendance of Roberto Azevedo, who is visiting Brazil this week.
During his stay in the country, Roberto Azevedo will visit ICC Brazil – the ICC Brazilian Committee hosted by the Brazilian National Confederation of Industry (CNI) headquarters in Sao Paulo – and meet with CEOs from various sectors to analyze the potential benefits of the Agreement for Brazil.
Brazil ratifies #WTO #TradeFaciltiation Agreement. This could expand Brazil’s GDP by US$24bn https://t.co/an7FPhnVJi pic.twitter.com/lk7Y6Ya9El
— GATF (@GATFnews) March 30, 2016
Applauding this breakthrough development for trade facilitation, ICC Secretary General John Danilovich said: “Implementing the TFA gives Brazil, once one of the world’s fastest growing emerging market, an opportunity to reboot its economy by creating significant export diversification gains and reducing trade costs.”
