23 January 2016, 17:48 GMT
WASHINGTON (Sputnik) – Full implementation of the World Trade Organization’s (WTO) Trade Facilitation Agreement (TFA) can eventually help Ottawa drop trade costs of up to 11.4 percent, Global Affairs Canada said in a release on Wednesday.
"If all the provisions of the TFA are implemented by all the WTO members, Canada could achieve a reduction in trade costs of up to 11.4 percent, potentially leading to an increase in the total value of trade of up to 1.7 percent," the statement said.
The Canadian foreign ministry noted that the 11.4 percent would amount to a $16.1-billion gain.
The TFA, which entered into force earlier on Wednesday, is expected to lower trade costs globally through modernizing and simplifying WTO members’ customs and border procedures.
The Canadian government said the deal will particularly help small and medium-sized enterprises with increasing their exports.
Never miss a story again — sign up to our Telegram channel and we'll keep you up to speed!
