Qatar Chamber and ICC Help Broker A Deal on Trade at Bali WTO Conference

Doha, December 14 (QNA) -Qatar Chamber of Commerce (QC) congratulated the International Chamber of Commerce (ICC) and all partners as a historic agreement at the 9th World Trade Organization (WTO) Ministerial Conference in Bali is reached. The result of the deal will restore confidence in the multilateral trading system and also generate a much needed stimulus of US $1 trillion and 21 million jobs to the world economy. According to ICC, this agreement is expected to reduce cross-border transaction costs for companies by 10-15% and is a significant step for businesses in all sectors and of all sizes around the world. Qatar Chamber and ICC Qatar Chairman, HE Sheikh Khalifa bin Jassim bin Mohammed Al Thani said,"The efforts we made with ICC to push governments to conclude a deal in Bali has paid off. Qatar Chambers aim has been to mobilise business to provide a practical and forward-looking trade policy that will contribute to economic growth and job creation. There will be enormous benefits for developing countries, making them integral players in global trade, and more attractive destinations for foreign investment, which in turn benefits the world economy," HE Sheikh Khalifa said adding that the agreement is good news for the Middle East and world economy. Qatar Chamber, together with the International Chamber of Commerce (ICC) is playing a pivotal role in ensuring that business and trade are back on the international agenda as tools of global economic growth. As economies around the world struggle to cope with emerging challenges, the ICC Business World Trade Agenda is a remarkable new effort to advance global trade negotiations," said HE Sheikh Khalifa bin Jassim bin Mohammed Al Thani. Elaborating Qatar Chamber and ICC Qatar Chairman, HE Sheikh Khalifa bin Jassim bin Mohammed Al Thani further said , "We must work together to define multilateral trade negotiation priorities for business and to help governments to set a trade policy agenda that stimulates economies and creates jobs. After all, we have a shared destiny," added Sheikh Khalifa. Launched by ICC in December 2011 at the World Trade Organization (WTO) Ministerial Conference in Geneva as an answer to an appeal from G20 leaders for new approaches to trade negotiations. For his part, ICC Secretary General Jean-Guy Carrier said he was confident that impetus from the agreement reached in Bali will drive further negotiations at the WTO in Geneva to complete other important elements of the Doha Development Agenda. "We are thrilled with this outcome which is particularly important for developing countries who will be the main beneficiaries of this agreement," he said. Qatar Chamber has been working closely with ICC to encourage all WTO parties to seal a trade facilitation deal that would contribute to economic growth and job creation by simplifying administrative procedures and standards that dictate how goods cross borders or how they are handled in customs. The drive is a partnership the two organisations created called the ICC Business World Trade Agenda (WTA). In April 2013 Qatar Chamber and ICC hosted the ICC World Trade Agenda Summit in Doha, bringing together business leaders and key policymakers in order to move beyond the Doha Development Round deadlock and ratify trade negotiations. Victor K. Fung, Chairman of the ICC World Trade Agenda, said, "The door is now open to proceed with a forward-looking, post-Bali trade agenda that meets the needs of todays global economy. This new trade agenda should include talks towards a multilateral framework on investment."(QNA)