South African businesses will benefit from more efficient customs processes, increased transparency and less red tape at ports thanks to a historic agreement reached by members of the World Trade Organisation (WTO) in Bali last weekend.
Peter Draper, a senior research fellow at the South African Institute of International Affairs, said the biggest benefit for South African business would be the easing of customs processes on the continent.
In addition to cutting red tape at customs, reducing scope for corruption and speeding up port clearance, members agreed in Bali to reduce agricultural export subsidies and obstacles to trade when agricultural products are imported through quotas, and to improve market access for least developed countries, said the WTO.
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