What is the World Trade Organization Agreement on Trade Facilitation?
The World Trade Organization Agreement on Trade Facilitation (TFA) is an important legal agreement that seeks to make international trade easier, faster, and more efficient. Under the agreement, WTO member countries commit to simplify, harmonize, and improve customs procedures to reduce costs and time delays when goods are exported and imported. The purpose of the TFA is to provide a secure, reliable, and efficient international trading system. It encourages countries to make more of their customs procedures transparent and to provide better information on their trading procedures. The agreement also sets deadlines for countries to implement procedures, including providing notifications for changes in regulations, exchanging documents digitally, and using risk management strategies. The TFA is an agreement among WTO members. It is not a binding law, but instead sets out a standard that member countries must abide by when conducting international trade. It is important to note that WTO members must ratify the Agreement before it goes into effect in a particular country. In the District of Columbia, the agreement was signed on October 6th, 2014. In conclusion, the WTO Agreement on Trade Facilitation is an important agreement for countries to simplify, harmonize, and improve their customs procedures to reduce costs and time delays when goods are exported and imported. By creating a more efficient and reliable international trading system, the TFA seeks to ensure that countries are able to trade effectively and efficiently.
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