Wto Trade Facilitation Agreement

The WTO, WTO members and other intergovernmental organizations, including the World Bank, the World Customs Organization and the United Nations Conference on Trade and Development (UNCTAD), provide technical assistance to trade facilitation. In July 2014, the WTO announced the creation of a trade facilitation mechanism that helps developing countries and LDCs implement the Trade Facilitation Agreement. The facility came into force on 27 November 2014 with the adoption of the Trade Facilitation Protocol. The WTO Trade Facilitation Agreement (TFA) came into force on 22 February 2017. This is the result of the Doha round of trade negotiations launched in 2001. The text of the TFA was adopted by WTO members at the 9th Ministerial Conference in Bali on 3 and 6 December 2013. The agreement entered into force in accordance with Article X:3 of the WTO agreement and members must individually accept the amendment to the WTO agreement by tabling an instrument for accepting the amendment protocol adopted on 27 November 2014. An updated list of members who have adopted the minutes is available on the WTO website. With the Trade Facilitation Agreement, WTO members are aiming: the second anniversary of the agreement is an excellent time to verify the level of ratification, communication of implementation and transparency obligations of the TFA. 2. Each member cooperates, where possible and where possible, under conditions agreed with other members with whom it has a common border, in order to coordinate procedures at border crossing points to facilitate cross-border exchanges. This cooperation and coordination may include the following: it is positive that seven LDCs have already communicated their indicative deadlines, while the deadline expires in two years (February 22, 2021), sending a clear signal to donors about their commitment to implement the agreement.

Currently, the cost of international trade is about $2 trillion. [4] This situation is due to a number of factors, including unnecessary customs procedures, marginal taxes and unnecessary duplication. [4] The economic benefits of the Trade Facilitation Agreement are not yet fully discernible and measured. However, estimates of the economic benefits resulting from the agreement are widespread. Estimates range from about $68 billion to nearly $1 trillion per year. According to the OECD, the Trade Facilitation Agreement has the capacity to reduce trade costs by 14.1% for low-income countries, 12.9% for middle-income countries and 12.9% for middle-income countries by 14.1%. This would indicate a series of gains of about $9 to $133 per year per person on the planet.

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