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CANCUN, Mexico: June 06, 2017. IATA's 73rd annual general meeting has called on governments to implement the World Trade Organization's (WTO) Trade Facilitation Agreement that "could lead to an annual US$1 trillion boost to global trade," according to WTO director general Roberto Azevêdo.

The TFA promotes trade by establishing harmonized rules for expediting the movement, release and clearance of goods based on a commitment to accepting e-payments and electronic documentation.

Aeromexico 1The WTO expects the TFA to reduce the time needed to import goods by over 36 hours and almost 48 hours for exports, a drop of 47 percent and 91 percent respectively over the current average. Full implementation would reduce members' trade costs an average of 14.3 per cent, with developing countries having the most to gain it said.

"The Trade Facilitation Agreement will cut red tape at the border for faster, cheaper and easier trade. That's great news for airlines, which deliver about a third of the goods traded across borders by value," said IATA director general and CEO Alexandre de Juniac.

IATA also declared its support for smart regulation designed to enhance air cargo supply chain safety and security, and urged governments and other regulators to engage in early dialogue with industry to ensure effective and workable measures are developed and implemented.

"The time is right for change. After several years of virtually no growth, air cargo demand is starting to pick up. We are also seeing new business opportunities with Internet commerce and the global distribution of time and temperature sensitive cargo, especially pharmaceutical products," de Juniac continued.

Reiterating the dangers of trade protectionism, he described aviation as globalization at its very best and nothing should stand in its way: "Today we face headwinds from those who would deny the benefits of globalization and point us in the direction of protectionism. This is a threat to our industry. We must bear witness to the achievements of our connected world. And we must ensure the benefits of aviation for future generations," added the IATA head.

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