CHINA TOPIX

Modernization Of Global Trade Under Bali Agreement To Save WTO Members $1 Trillion Yearly

Vittorio Hernandez   |

Nov 28, 2014 04:10 AM EST

By streamlining and harmonizing customs procedures, members of the World Trade Organization (WTO) are expected to save over $1 trillion yearly under the Bali Agreement reached on Thursday. Also called the Trade Facilitation Agreement (TFA), the deal is expected to create 21 million jobs resulting from cuts in transaction costs and easing of customs rules.