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ICC Welcomes Brazil Ratification of WTO TFA
July 6, 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)—an agreement which was forged under the leadership of the Brazilian head of the WTO Roberto Azevedo," stated an article by the ICC.

Brazil will become the 72nd country to affirm this landmark agreement, which will 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 offers that Brazilian GDP could increase by US $24 billion with the addition 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," stated the article.

"The ratification of the Trade Facilitation Agreement and the recently launched National Export Plan send a strong signal of Brazil's commitment to put international trade at the heart of its economic recovery," said Daniel Feffer, Chair of ICC Brazil.

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."

"The Agreement will enter into force global when two-thirds of the WTO's [110] members ratify the deal," the article stated.

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