Trade Facilitation Agreement Ratification List

It is estimated that it is in developing and least developed countries, mainly African countries, that trade costs could be significantly reduced. It should be noted that the Democratic People`s Republic of Lao and Malawi are the only LDCs to have provided information on the operation of their single-desk systems (where distributors submit regulatory documents in one place). According to this reality check, developing and least developed countries wishing to take advantage of the benefits of the agreement could take full account of the following recommendations: the 2014 Trade Facilitation Agreement was confirmed in December 2013 in Bali, Indonesia, at the Ninth Ministerial Conference. [1] After nearly 20 years of negotiations, the agreement was officially extended on 27 December 2014 to the membership of the 160-member World Trade Organization (WTO). [1] However, the agreement will not be ratified until two-thirds of the members have informed the WTO of their agreement. For the WTO, the agreement can be seen as a historic achievement, given that it is the first multilateral agreement since the creation of the WTO in 1995. The 2014 Trade Facilitation Agreement is a global multilateral initiative to streamline strict procedures governing international trade. The agreement focuses mainly on many positive effects on developed and least developed countries. The Trade Facilitation Agreement is estimated to reduce trade costs by an average of 14.5%. In return, it would improve world trade by a trillion dollars. [1] This reduction in bureaucratic bureaucracy will have a positive impact on small and medium-sized enterprises and will facilitate trade and membership in global value chains.

One of the most important aspects of this agreement is the new principle that the commitments made by developing and least developed countries in implementing the provisions of the agreement will be conditional on the acquisition of the necessary technical capabilities. [1] Bureaucratic delays and “bureaucracy” are a burden on traders for cross-border trade. Trade facilitation – the simplification, modernization and harmonization of export and import processes – has therefore become an important issue for the global trading system. The TFA came into force on 22 February 2017, after two-thirds of WTO membership completed its ratification process on national territory.