According to an item from The Guardian (UK) widely reported by other media, the WTO chief says that "cutting red tape could boost global economy by $1tn" if Doha talks can remove barriers by end of 2013. By red tape, P. Lamy is referring to technical barriers to trade, beyond information obligations on business, but this is the highest figure ever given for a regulatory cost exercise. He predicts that by the end of this year, "What will happen is that a number of bits of the (Doha) agenda will be concluded selectively, one by one, starting with trade facilitation. Removing barriers to trade will deliver half to two thirds of the benefits of the round. World trade is worth $22tn and the cost of moving trade is $2tn. Cutting red tape in half could stimulate the world economy by $1tn." For those interested in the economic impact of Smart Regulation.
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