What is the World Trade Organization Agreement on Trade Facilitation?
The World Trade Organization Agreement on Trade Facilitation (WTO TFA) is an agreement to facilitate global trade. It was adopted in 2014 by the members of the World Trade Organization (WTO) which includes Georgia. The WTO TFA seeks to reduce global trade costs by cutting red tape, harmonizing customs procedures, and improving the transparency and predictability of customs procedures. The main objectives of the WTO TFA are to reduce the costs of trading, simplify and harmonize the processes for the clearance of goods, and increase the predictability of customs procedures. It achieves this by requiring countries to commit to several measures, such as reducing the number of documents required for the clearance of goods, introducing standardized procedures across countries, and granting advance rulings for the classification of goods. The WTO TFA is beneficial for Georgia as it will result in lower costs for its businesses, improved customs procedures, and increased predictability. This will subsequently make Georgia more attractive to global businesses since it will be easier to trade there. Overall, the WTO TFA is an agreement that will reduce the costs of international trade and simplify and harmonize customs procedures across countries, which will be beneficial for countries such as Georgia.
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