U.S. Chamber applauds entry into WTO agreement

The U.S. Chamber of Commerce recently reported the U.S. has been included as the 110th nation on the World Trade Organization (WTO) Trade Facilitation Agreement (TFA), which will allow for groundbreaking world trade.
“This groundbreaking agreement will unleash new trade flows and spur growth around the world by cutting red tape and easing the movement of goods across borders,” the Chamber reported.
“Some of the biggest beneficiaries will be American small and medium-sized businesses," U.S. Chamber of Commerce President and CEO Thomas Donohue said. "They are the backbone of our economy, but their exports too often get tied up in the maze of bureaucratic and international border procedures. The TFA breaks down these barriers to spur economic growth by streamlining and simplifying trade requirements.”
In a recent estimate, being in this agreement could potentially increase world trade by $1 trillion and “help create over 20 million jobs around the world.”
The WTO is hopeful other countries will want to be part of the global alliance.
“We will continue to work with our partners across the globe to implement the agreement and urge others to join us in order to create opportunities for business to prosper,” the organization said.