News overnight that the World Trade Organisation has failed to meet a key deadline for implementing its path-breaking Trade Facilitation Agreement is extremely disappointing.
The failure to finalise the Agreement by 31 July 2014 represents a backward step for the global economy and living standings around the world.
Implementation of the Trade Facilitation Agreement would boost trade by cutting red tape and streamlining customs procedures for imports and exports.
The Agreement is estimated to add up to US$1 trillion to the global economy, create 21 million jobs, and contribute to world poverty alleviation.
This was also set to be the first global trade reform agreement in two decades.
This means a failure to salvage the Agreement will be a setback for the rest of the WTOs Doha round of trade negotiations and will call into question the future of the multilateral trading system.
Australia played a key role in advancing negotiations for the Agreement it should now use its influence in the WTO and the G20 to get this deal back on track.
The B20 group of international business representatives has nominated ratification and rapid implementation of the Trade Facilitation Agreement as its number one priority for trade at this years G20 summit.
The Abbott Government should use Australias position as chair of the G20 to secure commitments from leading economies to implement the trade facilitation reforms.
 
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