What is TFA WTO?

The Trade Facilitation Agreement (TFA) entered into force on 22 February 2017. It applies only to the WTO members that have accepted it.

How does trade facilitation affect international trade?

Trade facilitation is defined as measures that aim at making international trade easier by eliminating administrative delays, simplifying commercial procedures, in- creasing transparency, security and incorporating new technologies in trade. Time to import has a higher negative impact on trade than that to export.

What are the reduction rates required in the various criteria of a developed countries developing countries and Ldcs?

In the AoA, developing countries (with the exception of the least-developed countries) committed to reducing their bound rates by an unweighted average of 24 percent over ten years, subject to a minimum reduction of 10 percent in each tariff line.

What is meant by trade facilitation?

For UNECE and its UN Centre for Trade Facilitation and Electronic Business (UN/CEFACT), trade facilitation is “the simplification, standardization and harmonization of procedures and associated information flows required to move goods from seller to buyer and to make payment”.

Why is the TFA critical to world trade?

The TFA contains provisions for expediting the movement, release and clearance of goods, including goods in transit. It also sets out measures for effective cooperation between customs and other appropriate authorities on trade facilitation and customs compliance issues.

Why is the trade facilitation agreement good for business?

The WTO Trade Facilitation Agreement (TFA) will improve trade efficiency worldwide, encouraging economic growth by cutting red tape at borders, increasing transparency and taking advantage of new technologies. The TFA has entered into force and is binding on all WTO members.

Why is trade facilitation beneficial to the global movement of goods?

Trade facilitation benefits businesses and consumers alike, and helps tackle corruption. Whether exporting or importing goods, trade facilitation benefits all countries by allowing better access for businesses to production inputs from abroad and supporting greater participation in global value chains (GVCs).

What are the benefits of TFA?

Benefits

• Medical, dental, and vision care.
• Referral-free access to doctors.
• Routine preventative care.
• Flexible spending accounts.
• Employee assistance and wellness programs.
• Family-planning services.
• Vaccinations (e.g., flu shots)
• Life insurance.

How does the WTO and WCO facilitate international trade?

The WCO is made up of representatives of the customs administrations of member countries. The WTO will negotiate multi-lateral trade agreements, the WCO will administrate global customs standards. Together, their complementary roles facilitate the global supply chain.

What is the WTO Agreement on trade facilitation?

WTO Agreement on Trade Facilitation The WTO Agreement on Trade Facilitation (TFA), which entered into force on February 22, 2017, contains binding commitments for the 164 WTO Members to modernize and simplify border procedures. It is the first multilateral agreement concluded since the creation of the WTO in 1994.

What is the TFA and how will it affect trade costs?

Full implementation of the TFA is forecast to slash members’ trade costs by an average of 14.3 per cent, with developing countries having the most to gain, according to a 2015 study carried out by WTO economists.

When did the WTO TFA enter into force?

The Agreement. The TFA entered into force on 22 February 2017 after two-thirds of the WTO membership completed their domestic ratification process. Overview of the provisions of the TFA. Special and differential treatment for LDCs. Special and differential treatment for developing countries. Text of the TFA.

When did Canada ratify the Trade Facilitation Agreement (TFA)?

This legislation enabled Canada to ratify the TFA on December 16, 2016. WTO Members committed to have a means to facilitate both domestic coordination and implementation of the provisions of the TFA.