WTO adopted the epochal agreement

World Trade Organization (WTO) adopted a global agreement on trade facilitation (Trade Facilitation Agreement).

As the Associated Press, these arrangements, according to the International Chamber of Commerce, can increase the volume of world trade to $ 1 trillion a year.

The document, which adopted 160 member countries of the WTO, introduces standards for customs and border formalities. Thus opened the way for the ratification of the package of agreements on trade facilitation adopted by the Bali conference in 2013 and later blocked by India.

According to the Organization for Economic Cooperation and Development agreements reduce costs WTO members related to foreign trade at 11-15%. In addition, the result of an agreement may be to create more than 21 million new jobs.