Bali Agreement Important Step for International Trade


The International Chamber of Commerce Ireland has today (08/12/13) welcomed the historic agreement at the 9th World Trade Organization (WTO) Ministerial Conference in Bali as a result that will not only restore confidence in the multilateral trading system but also generate a much needed stimulus of $US1 trillion and 21 million jobs to the world economy.

The agreement reached on trade facilitation is expected to reduce cross-border transaction costs for companies by 10-15% and is significant for businesses in all sectors and of all sizes around the world.

Speaking this morning, ICC Ireland Secretary General Ian Talbot said “This agreement is an important step that will lower barriers to trade and speed up customs procedures the globe. This agreement will be of great benefit to a country like Ireland that relies so heavily on exports. The fact that this is the WTO’s first trade agreement provides hope that other important elements of the Doha Development Agenda can be completed.”