Maersk has announced that it has joined the Global Alliance for Trade Facilitation under the World Trade Organisation (WTO).
The new alliance was announced at the tenth WTO Ministerial Conference in Nairobi, Kenya and consists of governments, international companies such as DHL and Wal-Mart, as well as the International Chamber of Commerce and the World Economic Forum.
The objective of the Global Alliance for Trade is to accelerate trade facilitation reforms by supporting swift and wide implementation of the WTO Trade Facilitation Agreement (TFA).
Nils Anderson, CEO of Maersk, said: “When fully implemented, the WTO Trade Facilitation Agreement will represent an important step toward minimising supply chain barriers and reinvigorating global trade.
“By joining the Alliance with governments and partners, the Maersk Group will use its local expertise to support the implementation and stimulate local growth.”
Reforms aiming at reducing transit time of goods across borders can increase trade flows significantly and thus drive growth and job creation in low- and middle-income countries.
The WTO estimates that a full implementation of the TFA can add US$1 trillion to the global GDP annually and 21 million new jobs globally. A successful implementation will therefore benefit all countries involved, as well as importers and exporters.
The first step for the Global Alliance for Trade Facilitation is to diagnose the largest trade barriers in specific countries.
Fact File: The Trade Facilitation Agreement is part of the 2013 WTO Bali Agreement and will enter into force once two-thirds (108) of the members have completed their domestic ratification process. In the Global Alliance for Trade Facilitation ´consists of a number of large international companies in the support of the donor governments Canada, Germany, United Kingdom and the United States.
Fact File: Maersk is a worldwide conglomerate that operates in some 130 countries with a workforce of over 89,000 employees. In addition to owning Maersk Line, the world’s largest container shipping company, Maersk is involved in a wide range of activities in the shipping, logistics, and the oil and gas industries.