Maersk Becomes Part of WTO’s Trade Facilitation Alliance
- Business & Finance
Danish shipping and offshore energy conglomerate Maersk Group has joined the Global Alliance for Trade Facilitation under World Trade Organization (WTO).
The new alliance was announced at the 10th WTO Ministerial Conference in Nairobi, Kenya and consists of governments, international companies and the International Chamber of Commerce and the World Economic Forum.
“When fully implemented, the WTO Trade Facilitation Agreement will represent an important step toward minimising supply chain barriers and reinvigorating global trade. By joining the Alliance with governments and partners, the Maersk Group will use its local expertise to support the implementation and stimulate local growth,” says Maersk Group CEO Nils S. Andersen.
The first step for the Global Alliance for Trade Facilitation is to diagnose the largest trade barriers in specific countries.
The WTO estimates that a full implementation of the TFA can add USD 1 trillion to the global GDP annually and 21 million new jobs globally. A successful implementation should therefore benefit all countries involved, as well as importers and exporters.
With 90 percent of all traded goods moved by sea, the Maersk Group said it can support this process with the insight of experts on local markets.
The Maersk Group has five core businesses which include Maersk Line, APM Terminals, Maersk Oil, Maersk Drilling and APM Shipping Services, which combines the four business units Maersk Supply Service, Svitzer, Maersk Tankers and Damco.