New WTO customs standards to lower cost of trade by 15%. Ministers from around the world sealed the first global trade deal in a generation on Saturday. The move was hailed as a tonic for both the global economy and the battered credibility of the World Trade Organisation. Almost two decades after the WTO was founded ministers from 159 member countries approved a trade facilitation agreement to set common customs standards and ease the flow of goods through borders around the world. Business groups immediately praised the trade facilitation deal as a needed stimulus for the global economy. The International Chamber of Commerce estimates it will lower the cost of doing trade by as much as 10-15 per cent and add $1tn to global output. Read more: (VIEW LINK)
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