The coming into force of the WTO’s Trade Facilitation Agreement offers a timely boost to international business, the Asia-Pacific Head of HSBC Commercial Banking said on Thursday.
“The WTO’s Trade Facilitation Agreement provides real impetus to cross-border business activity and will be welcomed by our customers across Asia,” said Stuart Tait, Regional Head of Commercial Banking Asia Pacific, at HSBC.
“HSBC was established more than 150 years ago with the mission to finance international trade and anything that helps us connect our customers with the best growth opportunities in the world is clearly beneficial to businesses of all sizes,” Tait said.
The World Trade Organization estimates that its Trade Facilitation Agreement could boost global trade volumes by up to US$1 trillion through the removal of red tape and other impediments that raise the cost of doing business across borders.
The WTO expects the TFA to help new companies export for the first time and increase the number of new products exported by as much as 20 percent.