Turkish minister backs World Trade Organization deal
ANKARA - Anadolu Agency
“It is foreseen that developing countries would take most advantage of the deal. It is expected that the required duration would decrease by one-and-a-half days for imports and two days for exports,” Tüfenkci said, speaking at a meeting of customs managers at the Turkish Union of Chambers and Commodity Exchanges (TOBB) on April 26.
“The amount of exports is predicted to rise by 20 percent when the deal gets fully implemented,” he added.
The Trade Facilitation Agreement, the first-ever multilateral trade deal in the WTO’s history, entered into force in February 2017 following ratification by two-thirds of the organization’s membership.
“The deal is supposed to contribute $1 trillion to the global trade annually,” noted Tüfenkci.
It is expected that total trade cost of WTO members would decrease by 14.3 percent after full implementation of the deal, he added.
Tüfenkci noted that Turkey’s share in global trade currently stands at 1.15 percent, up from 0.67 percent in 2002. He also underlined the need for the country to implement more efficient methods and embrace a more innovative approach to reach medium-term and long-term economic goals.