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Global Business Emphasizes Opportunity TFA Ratification Brings to Africa

Posted April 13, 2015

Under International Trade Issues

(International Chamber of Commerce)

Welcoming Ministers from African nations, the Prime Minister of Morocco and representatives from the World Bank, TradeMark East Africa and the International Road Transport Union (IRU), the World Trade Organization celebrated its 20th anniversary in Morocco. The event marked the birth of the WTO in Marrakech in 1995 and gathered African Parliamentarians to discuss the benefits of the WTO’s Trade Facilitation Agreement for Africa’s economic growth and trading future.

The event targeted parliamentarians from more than 20 African countries, including Burkina Faso, Cameroon, Cote d’Ivoire, Ghana and Kenya, as in many countries parliament plays a key role in the TFA Protocol’s ratification process. The TFA has the potential to deliver an unprecedented stimulus to the world economy with a boost of US$1 trillion. Thus far only Hong Kong, US, Singapore and Mauritius have ratified the TFA while 107 ratifications are needed for the TFA to enter into force. In his opening remarks, WTO Director General Roberto Azevedo identified the TFA as a momentous opportunity for African countries as trade costs in Africa are still 30% higher than the global average. Click here to read more.