In a historic development that could reshape global commerce, 47 countries have reached a comprehensive international trade agreement after 18 months of intensive negotiations.
The agreement, known as the Global Trade Facilitation Pact, will reduce tariffs by an average of 15% across participating countries and streamline customs procedures to reduce trade costs by an estimated $1.2 trillion annually.
Key provisions include digital trade facilitation, environmental standards for traded goods, and enhanced protections for intellectual property rights. The agreement also establishes a dispute resolution mechanism to handle trade conflicts.
Trade experts predict the agreement will boost global GDP by 2.3% over the next decade and create millions of new jobs, particularly in developing countries that will benefit from improved access to international markets.
Leave a Reply