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WTO Deal to Cut Red Tape Comes into Force, Promising Global Economy Boost

Posted February 22, 2017

Under Economic Issues, International Trade Issues

(Tom Miles – Reuters)

A global agreement to boost trade by cutting red tape and streamlining border checks came into force on Wednesday, promising a 0.5 percent lift to the world economy by 2030 even as it faces renewed protectionism from the United States.

World Trade Organization Director General Roberto Azevedo hailed the start of the pact, which he said was the “biggest reform of global trade this century”.

He also sought to play down potentially difficult trade issues with U.S. President Donald Trump who extols an “America First” policy, has complained about “unfair trade” and has suggested he might introduce various tariffs.

The United States is a party to the new WTO agreement, having signed it under the previous administration of Barack Obama. Click here to read more.

Related: The TFA is the Unheralded Global Trade Deal That Deserves More Attention (Globe & Mail)