WTO finalised the Trade Facilitation Agreement

Posted on: 13/12/2013

At the Bali Conference last week the WTO successfully concluded an important new international agreement the Trade Facilitation Agreement (TFA).  The historic deal – the first of its kind in 20 years will make it faster and easier to trade between countries. It has been estimated at up to 7% of the value of global trade is swallowed up by needless red tape, so this TFA is expected to bring benefits to businesses across all sectors, and in particular small and medium enterprises (SMEs), who are hit the hardest by administrative costs of exporting. 

Read UK announcement:

Official statement:

“Having regard to paragraph 1 of Article IX of the Marrakesh Agreement Establishing the World Trade Organization (the "WTO Agreement");

Decides as follows:

1. We hereby conclude the negotiation of an Agreement on Trade Facilitation (the

"Agreement"), which is annexed hereto, subject to legal review for rectifications of a purely formal character that do not affect the substance of the Agreement.

2. We hereby establish a Preparatory Committee on Trade Facilitation (the "Preparatory Committee") under the General Council, open to all Members, to perform such functions as may be necessary to ensure the expeditious entry into force of the Agreement and to prepare for the efficient operation of the Agreement upon its entry into force. In particular, the Preparatory Committee shall conduct the legal review of the Agreement referred to in paragraph 1 above, receive notifications of Category A commitments, and draw up a Protocol of Amendment (the "Protocol") to insert the Agreement into Annex 1A of the WTO Agreement.”

Download the full text: https://mc9.wto.org/system/files/documents/w8_0.pdf

International Trade Up-dates into your inbox twice a month

What to keep up to date on customs and international trade issues – subscribe to our OneCall service which combines regular practical updates (Did You Know?) and a helpline support service. MORE INFORMATION

Click here to sign up to our free Spotlights!

Subscribe to our free information emails covering international trade topics .... Spotlights on key topics SAMPLE      

CLICK HERE to subscribe

How can Strong and Herd LLP Help?

Export Essentials

Essential Guide to Customs Procedures

International Trade Compliance Manager

 

< Back to our Import and Export News

Contact Strong & Herd
to discuss your requirements
Telephone
0161 499 7000
Fax
0161 499 7100
Strong & Herd LLP, Manchester International Office Centre
Styal Road, Manchester, M22 5WB