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Trade Facilitation and the Global Economy

image of Trade Facilitation and the Global Economy

In a globalised world, where goods cross borders many times as intermediate and as final products, trade facilitation is essential to lowering overall trade costs and increasing economic welfare, in particular for developing and emerging economies. Facilitation efforts undertaken by various countries around the world also show that the benefits of such measures clearly compensate the costs and challenges posed by their implementation.

 

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Economy-wide impacts of trade facilitation

A full and swift implementation of the WTO Trade Facilitation Agreement (TFA) has the potential to generate important global economic benefits but quantifying these poses serious challenges. This chapter draws on analysis using the OECD METRO model to document the channels through which trade facilitation reforms can benefit the global economy and the distribution of those potential benefits across country groupings and sectors over the short and longer term. Impacts on labour income and employment and welfare over the longer term are also explored.

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