Trade & investment
ICC welcomes Brazil ratification of WTO Trade Facilitation Agreement
The world’s largest business organization, the International Chamber of Commerce has welcomed Brazil’s ratification of the World Trade Organization’s Trade Facilitation Agreement (TFA)—an agreement which was forged under the leadership of the Brazilian head of the WTO Roberto Azevedo.
President Dilma Rousseff signed the Trade Facilitation Agreement yesterday during a high-level ceremony at the Palacio do Planalto in Brasilia with the attendance of Roberto Azevedo, who is visiting Brazil this week.
During his stay in the country, Roberto Azevedo will visit ICC Brazil – the ICC Brazilian Committee hosted by the Brazilian National Confederation of Industry (CNI) headquarters in Sao Paulo – and meet with CEOs from various sectors to analyze the potential benefits of the Agreement for Brazil.
Brazil becomes the 72nd country to ratify this landmark agreement to speed global commerce by cutting red-tape at borders-and third country in South America after Guyana and Paraguay.
A study by the Getulio Vargas Foundation for CNI suggests that Brazilian GDP could expand by US$24 billion with the adoption of trade facilitation measures. Globally the WTO estimates that the TFA will reduce trade costs by more than 14% globally-creating an estimated 20 million jobs globally.
Implementing the TFA gives Brazil, once one of the world’s fastest growing emerging market, an opportunity to reboot its economy by creating significant export diversification gains and reducing trade costs.
ICC’s Brazilian chapter has championed trade facilitation reforms since its inception in 2014 and played an instrumental role in securing the ratification of the TFA by the Brazilian parliament. Working closely with its local partner, Brazil’s National Confederation of Industry (CNI), ICC Brazil made the case for the TFA by highlighting the benefits of the agreement for Brazilian industry-including through direct discussions with Armando Monteiro, Brazil’s Minister of Industry, Trade and Development, and Daniel Godinho, Brazil’s Secretary of Foreign Trade.
“The ratification of the Trade Facilitation Agreement and the recently launched National Export Plan send a strong signal of Brazil’s commitment to put international trade at the heart of its economic recovery,” said Daniel Feffer, Chair of ICC Brazil.
Applauding this breakthrough development for trade facilitation, ICC Secretary General John Danilovich said: “Implementing the TFA gives Brazil, once one of the world’s fastest growing emerging market, an opportunity to reboot its economy by creating significant export diversification gains and reducing trade costs.”
The Agreement will enter into force global when two-thirds of the WTO’s  members ratify the deal.
Last year, the Brazilian government unveiled a 5-pillar plan aimed at boosting Brazil’s share in global trade. Two key features will be the implementation of a single window system for import, export and transit, and the introduction of an Authorized Economic Operator program, through which local operators can be recognized as “safe traders” in over 50 countries.
In July, WTO-chief Robert Azevedo will visit Brazil to deliver a speech at ICC’s first Brazilian Business Day in Sao Paolo.
Brazil ratifies #WTO #TradeFaciltiation Agreement. This could expand Brazil’s GDP by US$24bn https://t.co/an7FPhnVJi pic.twitter.com/lk7Y6Ya9El
— Global Alliance (@GATFnews) March 30, 2016