WTO’S Trade Facilitation Agreement Comes into Effect (Download PDF)

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World Trade Organization announced that Trade Facilitation Agreement (TFA) has now entered into force. It is having surpassed minimum requirement of 110 ratifications from members. It is biggest reform of global trade for this century.

WTO’s Trade Facilitation Agreement comes into effect

WTO’s Trade Facilitation Agreement Comes into Effect

WTO’s Trade Facilitation Agreement comes into effect

Highlights

  • World Trade Organization’s Trade Facilitation Agreement (TFA) is expected to provide a boost to sluggish international commerce by cutting out clogging regulations.
  • Full implementation of TFA could reduce trade costs by an average of 14.3 % and boost global trade by up to $1 trillion per year.
  • A Trade Facilitation Agreement Facility (TFAF) has been created to help ensure developing and least-developed countries to obtain assistance needed to reap full benefits of TFA.
  • Technical assistance for trade facilitation is provided by

    • WTO, WTO members
    • Intergovernmental organizations
    • World Bank
    • World Customs Organization and
    • United Nations Conference on Trade and Development (UNCTAD)

About Trade Facilitation Agreement

  • TFA contains provisions for expediting movement, release and clearance of goods, including goods in transit.
  • It sets out measures for effective cooperation between customs and other appropriate authorities on trade facilitation and customs compliance issues.
  • It further contains provisions for technical assistance and capacity building in this area.
  • Agreement includes provisions for Lowering import tariffs and agricultural subsidies.

About World Trade Organization

 Image of About WTO

Image of About WTO

Image of About WTO

  • It is an intergovernmental organization
  • Headquarters: Geneva, Switzerland
  • Founded: 1 January 1995
  • Leader: Roberto Azevedo
  • Type of business: International trade organization
  • Purpose: Regulate international trade
  • Official language: English, French, Spanish

- Published/Last Modified on: March 17, 2017

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