Supply Chain News / Risk & Compliance / Economic Development / Finance & Credit

Industry Reactions to the WTO Deal

December 10, 2013

The World Trade Organization, or WTO, announced its first ever global trade deal, overcoming disagreements that troubled negotiations among ministers from 159 member nations who had gathered on the Indonesian island of Bali.

After the announcement was made, it did not take long for industry leaders, experts, and political heads to respond. Below are some of those reactions:

Postive Reactions

The WTO’s Bali agreement… represents the rejuvenation of the multilateral trading system that supports millions of American jobs and offers a forum for the robust enforcement of America’s trade rights. As such, we are proud of the United States’ leadership role in reaching this accord…

— President Barack Obama

FedEx welcomes the WTO’s first multilateral trade agreement in its 19 year history. … This is the kind of practical, commercially meaningful trade agreement that business needs more of from the WTO.

— Michael L. Ducker, FedEx Express President and COO

This break-through agreement among 159 nations is a giant step forward for businesses large and small in expediting the movement of goods globally and reducing unnecessary paperwork. While there remain areas where additional progress is necessary, the trade facilitation agreement provides a new base from which we can continue to elevate customs standards. This could further support the pending Trans-Pacific Partnership (TPP) Agreement and Transatlantic Trade and Investment Partnership (TTIP) negotiations.

— Scott Davis, UPS chairman and CEO

Negative Reactions

The Trade Facilitation agreement doesn't in anyway support the Pacific to take advantage of this outcome. Instead this is an agreement that will see rich countries and their corporations benefit from having their goods move through Pacific borders quicker. We should be under no illusion that this is an agreement for the Pacific to increase their exports.

— Adam Wolfenden, Pacific Network on Globalisation

The Bali package is hardly going to make a difference for poor countries, but at least it keeps the negotiations on food security alive. However a peace clause can’t be the end of the story and negotiators now have to find a long term solution to change the rigged rules that stand in the way of developing countries food security policies. … The LDC specific decisions are unlikely to make an economic difference for poor countries. It is all best endeavor language, which is the trade negotiators equivalent of crossing fingers behind your back.

— Romain Benicchio, Oxfam International Senior Policy Advisor

You must login or register in order to post a comment.

Multimedia

Videos

Image Galleries

KC SmartPort Momentum

Kansas City SmartPort Momentum 2013 focused on 3PLs, the issues facing the industry, and the role or logistics in economic development

Podcasts

 

Calculating a true landed cost for global sourcing directly correlates with the profitability of purchased goods. However, few companies can command real-time visibility in to all the costs involved for cross border movements. In this podcast, World Trade 100 and Amber Road highlight how a comprehensive global trade platform that converges both logistics and compliance costs can deliver true landed cost visibility.

 

Speaker: Hung Lee, Senior Product Manager, Amber Road

More Podcasts

THE MAGAZINE

World Trade 100 Magazine

april cover wt100 2014

2014 April

Check out the April 2014 edition of World Trade WT100, featuring articles on fueling changes for trucking plus much more!

Table Of Contents Subscribe

Supply Chain Disruptions

Which are the most common causes of disruptions in your supply chain?
View Results Poll Archive

WT100 STORE

world-class-warehousing.gif
World-Class Warehousing and Material Handling, 1st Edition

Filled with proven operational solutions, it will guide managers as they develop a warehouse master plan, one designed to minimize the effects of supply chain inefficiencies as it improves logistics accuracy and inventory management - and reduces overall warehousing expense.

More Products

Clear Seas Research

Clear Seas ResearchWith access to over one million professionals and more than 60 industry-specific publications,Clear Seas Research offers relevant insights from those who know your industry best. Let us customize a market research solution that exceeds your marketing goals.

Use our interactive maps to locate service providers across North America.Interactive Map

Logistics Development Partners 

IWLA Members

STAY CONNECTED