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Value Added Tax is a key source of revenue for more than 150 countries worldwide, but the uncoordinated application of national VATs to international trade remains problematic. Governments are losing out on tax revenues, due to under-taxation, while the risk of double taxation poses increasing obstacles to international trade, particularly in the booming international services trade.
Merchandise trade continues to pick-up across most major economies in fourth quarter of 2013
New international rules on state financing of rail exports will boost the development of cleaner transportation infrastructure and help countries meet green growth objectives, the OECD said.
Mr Gurría said the trade facilitation agreement at the core of the new package would cut red tape and speed border crossings worldwide, offering an important boost to world trade and the global economy. "As OECD work has highlighted, the benefits of lowering costs for traders are significant, and are particularly welcome today, given the slow growth seen in so many countries," Mr Gurría said.
Merchandise trade imports and exports in G7 and BRICS economies grew by 1.4% during the third quarter of 2013, offsetting the contractions seen in the previous quarter.
Global value chains (GVCs) have become a dominant feature of world trade and investment, offering new prospects for growth, development and jobs, according to a new joint report by the Organization for Economic Cooperation and Development (OECD), the World Trade Organization (WTO) and the United Nations Conference on Trade and Development (UNCTAD).
Merchandise trade growth increased in the major economies during the first quarter of 2013. Compared to the fourth quarter of 2012, the value of merchandise imports and exports for the total of G7 and BRICS countries increased by 1.3% and 2.8%, respectively.
OECD research shows that multilateral agreement to cut red tape in international trade would dramatically reduce trading costs and add a substantial boost to the global economy.
Aid for Trade is helping developing countries reduce trade costs, improve competitiveness and plug into the regional and global value chains that are increasingly important to the world economy, but much more can be done, according to a new joint report from OECD and the WTO.
Since its launch in 2005, the Aid for Trade Initiative has helped improve the links between trade, economic growth and development. The Initiative has prompted donors to put trade issues at the centre of their development strategies, contributed to increased levels of both concessional and non-concessional financing and led the private sector to re-examine how it can make trade work for development and poverty reduction.