Shipping Trade and Transport News 6th October 2015

Trade News

The EU today finalised the ratification process of the WTO Trade Facilitation Agreement – the first major multilateral deal in years, expected to significantly simplify and modernise customs procedures around the world. 


The trade facilitation talks started as part of the Doha Development Agenda. Considering the potential benefits of this agreement for all countries and, in particular, the developing ones, the WTO Members agreed in the end of 2013 to prioritise a stand-alone deal on customs matters.

Trade in goods and commercial services 2013

Table

• The EU is the largest economy in the world. Although growth is projected to be slow, the EU remains the largest economy in the world with a GDP per head of €25 000 for its 500 million consumers.
• The EU is the world's largest trading block. The EU is the world’s largest trader of manufactured goods and services.
• The EU ranks first in both inbound and outbound international investments
• The EU is the top trading partner for 80 countries. By comparison the US is the top trading partner for a little over 20 countries.
• The EU is the most open to developing countries. Fuels excluded, the EU imports more from developing countries than the USA, Canada, Japan and China put together.