Maersk joins WTO’s Global Alliance for Trade Facilitation

By Curious

The new alliance was announced at the 10th WTO Ministerial Conference in Nairobi, Kenya and consists of governments, international companies such as Maersk GroupDHL and Wal-Mart, and the International Chamber of Commerce and the World Economic Forum.

The objective of the Global Alliance for Trade is to accelerate trade facilitation reforms by supporting swift and wide implementation of the WTO Trade Facilitation Agreement (TFA). Today, customs processes can involve large amounts of documentation that typically are not digitalised. This and lack of coordination between private and government actors adds unnecessary waiting time and delays to traded goods, resulting in added inventory costs and the risks of penalties for importers and exporters.

Maersk joins WTO’s Global Alliance for Trade Facilitation

Image: Maersk

“When fully implemented, the WTO Trade Facilitation Agreement will represent an important step toward minimising supply chain barriers and reinvigorating global trade. By joining the Alliance with governments and partners, the Maersk Group will use its local expertise to support the implementation and stimulate local growth,” says Maersk Group CEO Nils S. Andersen.

Reforms aiming at reducing transit time of goods across borders can increase trade flows significantly and thus drive growth and job creation in low- and middle-income countries. The WTO estimates that a full implementation of the TFA can add $1 trillion to the global GDP annually and 21 million new jobs globally. A successful implementation will therefore benefit all countries involved, as well as importers and exporters.

The first step for the Global Alliance for Trade Facilitation is to diagnose the largest trade barriers in specific countries. With 90 percent of all traded goods moved by sea, the Maersk Group can support this process with the insight of our experts on local markets.

The Maersk Group has five core businesses which include Maersk Line, APM Terminals, Maersk OilMaersk Drilling and APM Shipping Services, which combines the four business units Maersk Supply Service, Svitzer, Maersk Tankers and Damco.

Source: www.maersk.com