18. and
- Probably the biggest accomplishment was the Trade
Facilitation Agreement. This new Agreement is extremely
important for industries that depend on the value chain.
19. When intermediate goods cross borders multiple times before they
are incorporated into the final product, the cost of any type of trade
restriction or delay is magnified. It is therefore crucial for the WTO to
help reduce the costs of cross-border trade by streamlining and
standardizing customs procedures.
20. By streamlining customs procedures, this Agreement could provide a
major boost to the global economy — and the majority of the benefits
will accrue to developing and least-developed countries.