World Trade Organization: Mauritius to deposit Acceptance Instrument of Protocol
The Agreement also redefines the conventional approach to special and differential treatment in that it conditions its implementation on the availability of financial and technical assistance by Donors to Developing Countries in need.(Image: wordpress)
Mauritius will deposit with the World Trade Organization (WTO) the instrument of acceptance of the Protocol incorporating the WTO Agreement on Trade Facilitation into the Marrakesh Agreement that established the WTO.
The Trade Facilitation Agreement requires developing countries to classify trade facilitation in categories depending on the period of their implementation.
It is the first Multilateral Agreement concluded since the coming into force of the WTO in 1995 and for that it has a symbolic attribute from that perspective.
The Agreement also redefines the conventional approach to special and differential treatment in that it conditions its implementation on the availability of financial and technical assistance by Donors to Developing Countries in need.
The International Chamber of Commerce has estimated that the implementation of the Trade Facilitation Agreement would contribute to the growth of world trade by some one trillion USD and create some 21 million employment.
About World Trade Organization:
The World Trade Organization (WTO) provides a forum for negotiating agreements aimed at reducing obstacles to international trade and ensuring a level playing field for all, thus contributing to economic growth and development.
The WTO also provides a legal and institutional framework for the implementation and monitoring of these agreements, as well as for settling disputes arising from their interpretation and application.
The current body of trade agreements comprising the WTO consists of 16 different multilateral agreements, to which all WTO members are parties, and two different plurilateral agreements, to which this time only some WTO members are parties.