By Aliza Kempner
There’s
a new sheriff in town at the World Trade Organization (WTO), but some think
Director General Roberto Azevedo’s plan to add hundreds of billions of dollars
to the world economy and
instigate wide trade reforms might just be too little, too late. In light of
WTO’s consistent failure to agree to any new global trade deal since it was
founded in 1995, Azevedo’s plan, the first global trade deal in two decades,
has a lot of hurdles to clear. The desired agreement covers several areas, most
notably including trade facilitation — a global standardization and
simplification of customs procedures that could cut trade costs by 10 percent
for developed countries and by 14 percent for developing countries.
Reuters
examines the stakes
as the countdown to the deadline continues.
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