A trade agreement reached by 159 countries during the World Trade Organisation meeting will not only give Rwanda a strong legal backing in the international markets but also fast track growth and sustainable economic development of the country's export industry, especially the agriculture sector.
The new international trade agreement says exports from developing countries, including Rwanda, will be allowed to access international markets duty-free by the developed economies, be facilitated with free market information, and more trade investments both logistical and infrastructural, will be scaled up.
Overall, the agreement will see a reduction in bureaucratic trade barriers that have been hindering the export industry, allowing small and medium enterprises to thrive, said Francois Kanimba, Minister for Trade and Industry.
The deal is also expected to add about $1 trillion to the world trade, giving developing nations more scope to increase farm subsidies. Members also agreed on a model of transferring rights to export and capacity to international markets. This will be followed by service waivers by the developed economies so as to create free access to markets by the least developed countries.
The African Development Bank said Africa has the longest customs delays in the world taking almost 36 hours to get goods through customs. On average, it takes $3,245 and seven export documents to export a container of goods to the international market.
Rwanda's total trade increased during the third quarter of 2013, from $600 million in third quarter of 2012 to $1,500 million, the National Institute of Statistics report released last month said.
