Director-General Pascal Lamy, in a speech at the World Customs Organization (WCO) in Brussels, said that the implementation of the Trade Facilitation measures discussed in Geneva could reduce total trade costs by almost 10%. “Every extra day required to ready goods for import or export decreases trade by around 4%.” This is why a trade facilitation deal would be a “tremendous value for our trading communities and in particular for many of our small and medium enterprises.” He commended the close cooperation between the WTO and the WCO, particularly in technical assistance, and suggested further collaboration in using the “Made in the World” approach to measuring international trade flows.The “Made in a particular country” label on the back of a product should really read: “Made in the World”. “This new global reality forces us to re-examine how we analyze and measure international trade. At present, international trade flows are computed by attributing the full commercial value of a product to the last country of origin. This needs to change. The numbers we have today do not fully reflect the real picture of international trade in a globalized world. I believe there is a lot that we can do together on this front. Let me here invite you to visit our website “Made in the World” and share with us your thoughts,” concluded Lamy.
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