ICC welcomes Brazil ratification of WTO Trade Facilitation AgreementStaff writer ▼ | March 31, 2016
The world’s largest business organization, the International Chamber of Commerce has welcomed Brazil’s ratification of the World Trade Organization’s Trade Facilitation Agreement (TFA).
Trade Brazilian GDP could expand by $24 billion
President Dilma Rousseff signed the Trade Facilitation Agreement yesterday during a high-level ceremony at the Palacio do Planalto in Brasilia with the attendance of Roberto Azevedo, who is visiting Brazil.
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 becomes the 72nd country to ratify this landmark agreement to speed global commerce by cutting red-tape at borders-and third country in South America after Guyana and Paraguay.
A study by the Getulio Vargas Foundation for CNI suggests that Brazilian GDP could expand by $24 billion with the adoption of trade facilitation measures.
Globally the WTO estimates that the TFA will reduce trade costs by more than 14% globally-creating an estimated 20 million jobs globally. ■