WTO Trade Policies Should Facilitate New Business Entrants, Says NFTC
World trade policy should better facilitate the entry of more diverse stakeholders in global commerce, the National Foreign Trade Council said in a policy brief (here). “Economies have a chance to create new pathways at the WTO to modernize global trade rules for the 21st Century and remind the world of the central rule-making role that the organization can play,” NFTC wrote. “It is time to reinvigorate the WTO.” Creating plans to support “micro,” small, and medium-sized businesses and plans advance an “open, secure and reliable” global digital economy would mobilize development and business interests to back “meaningful” new rules at the World Trade Organization and could reestablish the body’s centrality to global trade negotiations if successful, NFTC said.
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A WTO framework that promotes innovation and opens access to the global digital marketplace could build upon WTO disciplines such as elimination of duties on information and communication technology goods to accommodate gains in productivity and economic growth, and to ensure a status quo of openness in data flows, NFTC said. The WTO’s small business agenda should lead policy efforts to allow first-time traders to leverage global markets to spur local innovation and economic growth, NFTC said. Such a work plan could deepen worldwide transparency initiatives, including single-window provisions; could improve physical trade lanes, including through de minimis increases and digitization of customs forms; and it could help harmonize rules and regulations across economies, among other things, NFTC said. “As these negotiations progress, members could think creatively about potential outcomes – whether codes, reference documents or full-fledged agreements – that would help ensure access to the global digital economy and support the participation of micro, small and medium sized businesses in the global trading system,” NFTC said.