• Sweden edition
 
Sweden hails 'good for all' global trade deal
Photo: Achmad Ibrahim/TT

Sweden hails 'good for all' global trade deal

Published: 07 Dec 2013 09:32 GMT+01:00
Updated: 07 Dec 2013 09:32 GMT+01:00

Sweden has welcomed the new global trade deal secured at the WTO talks in Bali, with trade minister calling the deal "historic" while foreign minister Carl Bildt claimed it was "good for all".

"Historic," said Sweden's Minister for Trade Ewa Björling to news agency TT on the phone from the Indonesian island when the agreement was completed.
 
"It's an incredibly important success for the WTO, for Sweden, Swedish companies and for the global economy," she said.
 
Some 160 countries stand behind the new global reform, which is seen as a feather in the cap of the new WTO head Roberto Azevedo. The agreement aims to reduce the cost of cross-border transactions, i.e. exports and imports of goods and services.
 
"It will be easier and faster. In concrete terms, this means that the procedures will be simplified in terms of bureaucracy and administration. But the most important part is the indication that, for now, negotiations in other areas of the Doha Round are resumed," Björling said.
 
Björling estimated that a new global free trade agreement in the Doha Round could increase global GDP by up to 1,600 billion kronor ($245 billion), which is a more conservative forecast than other calculations which indicated growth of 6,500 billion. Ewa Björling referred to a study from Sweden's Kommerskollegium.
 
Roberto Azevedo told the media that he sees the global agreement as a major step forward for the Doha Round. The goal of which is to eliminate tariffs on goods and services .
 
Studies show that a transaction between Sweden and an EU country or between Sweden and Norway, requires paperwork which takes an average 4-5 days. For goods and services that are sent to other areas of the world, such as the Middle East and Africa, the number of days increase considerably. Greater expediency is seen as important, especially when developing countries export food, because it decreases waste.
 
It is also important for items such as drugs and vaccines where time is sometimes of the essence, Björling pointed out.
 
According to Björling, current transactions lose between 2 and 15 percent of the price of the product in customs and other bureaucratic complications. Less administrative red tape will create scope for lower prices for goods and services.
 
"Hopefully, consumers will notice by having more money in their pockets," Ewa Björling said.
 
The deal is the first WTO global trade deal since the organization was created in 1995. After twelve years of fruitless negotiations, the agreement, Björling argued, will help to increase confidence in the WTO's ability to reduce tariffs and eliminate other barriers to trade worldwide.
 
She also believes that it can help to facilitate the EU's FTA negotiations with the US and Japan .
 
"Of course , it is pleasing that we have been able to agree multilaterally; this of course bodes very well for continued bilateral negotiations," she said.

Sweden's Foreign Minister Carl Bildt also hailed the deal on the Friday.

"Excellent news from Bali with multilateral WTO deal to facilitate global trade. Good for all, but particular for developing nations," Bildt said via Twitter on Friday.

TT/The Local/pvs (news@thelocal.se)

Don't miss...X
Left Right

Your comments about this article

Today's headlines
Three rescued after cruise ship sinks boat
Rickard Rundgren Björk of the coastguard rescue services speaks to the media after the rescue operation. Photo: Maja Suslin /TT

Three rescued after cruise ship sinks boat

Three Saturday morning sailors had a lucky escape after their small boat collided and sank after it crashed into a cruise ship whilst sailing in the Stockholm archipelago. READ () »

Missing Swede found alive and well in UK
Sofie Marie Jansson. Photo: Metropolitan Police

Missing Swede found alive and well in UK

British police have found the missing Swedish girl Sofie Jansson in London, exactly a week after she was last seen, with authorities saying she is doing well. READ () »

Social Democrats make tax pledge to elderly

Social Democrats make tax pledge to elderly

Sweden's opposition party have stepped up its efforts to secure the pensioner vote by pledging to lower taxes for the elderly and make higher earners pay more. READ () »

Malmö Nazi attack victim on the mend
Showan Shattak pictured in Malmö before his attack. Photo: Facebook

Malmö Nazi attack victim on the mend

The 25-year-old man, whose stabbing by neo-Nazis sparked mass demonstrations across Sweden, has made a strong recovery in hospital and took to social media to thank supporters for campaigning against fascism. READ () »

Police seeking missing Swede in London

British police have issued a plea for tips in the search to find Swedish national Sofie Marie Jansson who hasn't been seen for almost a week. READ () »

University applications rocket to record high

University applications rocket to record high

Swedish universities continue to draw vast amounts of applicants with the number of prospective students seeking a third level education increasing for the seventh year in a row. READ () »

Man jailed in US over Lars Vilks murder plot
Swedish artist Lars Vilks pictured in New York in 2012. Photo: Linus Sundahl-Djerf/TT

Man jailed in US over Lars Vilks murder plot

American authorities have sentenced a 20-year-old accomplice of 'Jihad Jane' to five years in prison for an attempted terror plot to kill Swedish artist Lars Vilks, after getting involved with the murder plans when he was a teenager. READ () »

Sweden scraps 'new start zones' after EU input
Integration Minister Erik Ullenhag visits a school in Tensta, one of the neighbourhoods mentioned when he and his colleagues first floated the new start zone proposal. File: TT

Sweden scraps 'new start zones' after EU input

Sweden has abandoned a plan to ease taxes for small companies in blighted areas after the European Commission challenged its legality. READ () »

'Easter eggs an invitation to spread germs'
A typical Swedish Easter egg. Photo: Jessica Gow/TT

'Easter eggs an invitation to spread germs'

A Swedish microbiologist has warned that traditional Swedish Easter eggs laden with candy are an open invitation to the spread of bacteria and viruses. "Is this really a good idea?" he asked. READ () »

Jammed truck snarls Stockholm rush hour
Photo: Anders Wiklund/TT

Jammed truck snarls Stockholm rush hour

PICTURES: A truck got wedged inside a tunnel in central Stockholm on Thursday, with authorities concerned the accident may have damaged cables in the tunnel's ceiling. READ () »

RECEIVE OUR NEWSLETTER AND ALERTS
Society
Swedish supermarket Ica pulls contested Easter commercial off air
Kungahuset
Society
Swedish royals set baptism date for princess
finest.se
Gallery
People-watching April 16
Politics
Who's the prime minister's heir?
Alfie Atkins
Society
Are children's books the key to families integrating in Sweden?
National
'Sweden Dem protests cater to party's martyr image'
National
'Swedish research grants were fantastic, but now it's like Australia'
Society
Only in Sweden: The ten problems you'd never encounter elsewhere
National
Swedes stopped to take my picture, but didn't look me in the eyes
Business & Money
A swipe of the hand replaced cash and cards in Lund
YouTube
Features
Video: Oliver Gee finds out how to embrace The Swedish Hug
TT
National
Abba duo hints at reunion
Advertisement:
Private
National
Flash mobs hug it out across Sweden
Finest.se
Gallery
People-watching April 11-13
TT
Politics
Swedes to give six-hour workday a go
TT
Society
Aussie choir member wows Abba in Sweden
YouTube
Society
Stockholm magic a surprise YouTube hit
Fastighetsbyrån
Society
Gallery: The Local's Property of the Week
Private
Society
Swedes find 200-year-old gravestone in living room
Stockholm School of Economics
Sponsored Article
Why a bachelor's degree is no longer enough
Deepti Vashisht
Features
Deepti Vashisht dissects the magic of Sweden's personal ID number
Shutterstock
Society
Ten signs you've been in Sweden too long
Society
Jimi Fritze heard every word when doctors discussed taking his organs
Society
A Swedish farmer explains why the new bestiality ban is 'pointless'
ESL
Sponsored Article
Learning Swedish the easy way
Latest news from The Local in Switzerland

More news from Switzerland at thelocal.ch

Latest news from The Local in Germany

More news from Germany at thelocal.de

Latest news from The Local in Spain

More news from Spain at thelocal.es

Latest news from The Local in France

More news from France at thelocal.fr

Latest news from The Local in Italy

More news from Italy at thelocal.it

Latest news from The Local in Norway

More news from Norway at thelocal.no

Blog Update: The Diplomatic Dispatch

28 October 15:16

The Green Growth Group Summit »

"Today on the 28 October in Brussels, a large group of key EU Ministers and business people, including UK Secretary of State for Energy and Climate Change Edward Davey, and Swedish Environment Minister Lena Ek, will meet to discuss green growth. They all have a stake in resolving a challenge which, although it is crucial..." READ »

751
jobs available
Swedish Down Town Consulting & Productions
Swedish Down Town Consulting & Productions is an innovative business company which provides valuable assistance with the Swedish Authorities, Swedish language practice and general communications. Call 073-100 47 81 or visit:
www.swedishdowntown.com