Fred Smith, chairman, president and CEO of FedEx joined with the International Chamber of Commerce and business leaders of multinational companies from 30 countries to urge the World Trade Organisation to finalise the trade facilitation agreement at the ministerial meeting in Bali this week.
In an open letter to the “Financial Times”, the CEOs and chairmen of more than 80 international companies – headed by ICC chairman, Harold McGraw – emphasised that a trade facilitation deal could boost global GDP by more than three per cent -adding over $1 trillion to the global economy.
Over the past three weeks, officials from around the world have been locked in round-the-clock negotiations to hammer out a final deal which could be finalized at this week’s ministerial.
Jean-Guy Carrier, secretary general of ICC said: “The initiative emphasises business’ strong support for a successful outcome to this week’s ministerial. A deal to cut red-tape at borders could provide a major stimulus to the global economy – bringing benefits to businesses, consumers and governments alike. An agreement is very much within touching distance: the thing now is for us all to stay engaged to make this happen.”