The Formal Implementation Of The Trade Facilitation Agreement Brings More Opportunities To China's Foreign Trade.

Recently, the 4 countries of Rwanda, Oman, Chad and Jordan submitted the document of ratification of the trade facilitation agreement (hereinafter referred to as the agreement) to the World Trade Organization (WTO).

At this point, the ratification of the agreement has reached 112 members, exceeding the statutory threshold of 2/3 for the total number of WTO members needed to enter into force. The agreement has come into force and has been formally implemented by members who have ratified the agreement.

Experts point out that in the context of the global economic weakness and the rise of protectionism, the entry into force of the agreement will simplify trade procedures, promote economic and trade exchanges among countries, and further promote them.

Growth.

China, as the world's largest cargo trading country, is undoubtedly a major positive factor in stabilizing the foreign trade and further strengthening the economy.

The issue of trade facilitation was first included in the WTO working schedule at the Singapore Ministerial Conference in 1996. China approved the agreement in September 2015.

According to the relevant rules, the members of the approval agreement will fulfill their commitments in the pparency of policies and regulations, the modernization of management measures and the coordination of port management departments from the date of the effective date of the agreement.

For China, measures such as simplifying document procedures and standardizing import and export costs will be put into effect except for a single window, confirmation and announcement of average release time, export processing goods exemption and import, customs cooperation and other measures.

According to international institutions, the effective implementation of the agreement will reduce the global trade cost by about 14.3%. By 2030, it will contribute 2.7 percentage points to the growth of Global trade. The export market of developing and the least developed economies will expand by 1/3 and 60% respectively, bringing the global economic growth by US $960 billion and increasing about 20000000 jobs.

Peng Zhiwei, an associate professor of the Department of international economics and trade of Nankai University, pointed out in an interview with reporters that under the current background, WTO member states have adopted the agreement and urged it to come into effect. Although the trade pattern will not change dramatically in the short term, this change clearly conveys a clear and positive signal to the world economy and international trade, and helps to make China's foreign trade environment better.

"On the surface, customs clearance seems to be unremarkable, but people in the industry can understand that.

And the degree of trade facilitation has a huge implicit impact on international trade.

Therefore, the entry into force of the agreement is expected to further reduce the cost of China's foreign trade enterprises and benefit China's economy.

Peng Zhiwei said.

The relevant responsible persons of the Ministry of Commerce said that, on the one hand, the implementation of the agreement will contribute to the modernization of China's port comprehensive management system, enhance the competitiveness of Chinese products and improve the environment for attracting foreign investment. On the other hand, the implementation of the agreement will generally increase the level of trade convenience of China's trading partners, create a convenient customs environment for Chinese exports and benefit the enterprises.

Experts pointed out that more countries ratified the agreement, indicating that there is still a strong desire for trade facilitation and economic globalization in the world, but trade protectionism will not easily admit defeat.

Tongji University, vice president of economics and management, Nguyen Ching song believes that despite large-scale global explosion in the future

It is unlikely that there will be more trade frictions against some enterprises and certain sectors.

"We need to see that the interests of different countries and groups are increasingly diversified, and their implementation of the agreement needs to be further observed.

As far as China is concerned, the implementation of the agreement on trade facilitation should take the lead in the future to provide more convenience for domestic enterprises and overseas trading partners. At the same time, it should pay attention to maintaining communication with relevant countries and industries and enterprises, so as to ensure that everyone can properly solve problems in the framework of WTO and win a win-win situation when trade disputes arise.

Peng Zhiwei said.

It is worth noting that the recent European Commission, Credit Suisse Securities, Royal Bank of Scotland and many other international agencies have raised their expectations for China's economy.

These institutions believe that China's economic needs are strong, its potential is huge, and its endogenous growth momentum is strong.

In particular, with the recovery of global demand, China's exports will further improve, and China's economy will stabilize steadily in 2017.

It can be seen that the entry into force of the agreement will increase the bottom line of China's economic development.

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