New rules agreed at the World Trade Organization (WTO) will reduce red tape and regulatory costs for Australian services exporters, making it easier for Australian businesses to export to the world.
Minister for Trade, Tourism and Investment Dan Tehan welcomed the agreement which comprises 67 WTO Members – including the 27 EU Member States – accounting for over 90% of global services trade.
“This is a real win for Australian services exporters. We have agreed to cut red tape by reducing complex and costly regulatory burdens in overseas markets,” Mr Tehan said.
“Services is the fastest growing and most dynamic sector in the Australian economy. The rules developed will help Australian services exporters address the practical challenges of operating in other markets.”
“Although a temporary setback, the postponement of the 12th WTO Ministerial Conference must steel our resolve and the conclusion of the Joint Statement Initiative on Services Domestic Regulation shows what can be achieved through dialogue and negotiation.
“Led by Australia, Costa Rica and the EU, the Initiative is the culmination of four years of hard work and is open to all WTO Members. I encourage those that are not yet participating to join.”
A joint OECD-WTO study calculated that implementation of these rules could generate annual trade cost savings in the range of USD 150 billion.
The Declaration on the Conclusion of Negotiations on Services Domestic Regulation adopted today is available here: www.wto.org.