Progress in Global Trade Liberalisation – The WTO Agreement on Trade Facilitation: a Scarcely Reported Success in Times of Increasing Trade Protection

After lengthy negotiations, the World Trade Organization has been able to conclude a scarcely reported new multilateral trade agreement. In light of the increasing scepticism about trade agreements per se and nationally oriented trade policies, the Trade Facilitation Agreement of the WTO is an important success. If the rules laid down in this agreement are implemented swiftly and completely, GDP could grow by 0.54% per year. In the most conservative WTO scenario and over a period of ten years, GDP growth would still be 0.34%.