What is the World Trade Organization Agreement on Trade Facilitation?
The World Trade Organization Agreement on Trade Facilitation (WTO TFA) is an agreement between WTO countries to reduce barriers to international trade. This agreement was developed to reduce the cost of trading goods, promote economic growth, and create jobs worldwide. It is the first multilateral trade agreement to be concluded in WTO history since the agreement was adopted by the WTO’s Ministerial Conference in 2013. The WTO TFA covers trade-related areas such as customs procedures, rules of origin, transit policies, fees and charges, transit rights and facilities, and dispute settlement procedures. The agreement is designed to help simplify and streamline customs procedures and reduce the customs related costs associated with trading goods, such as tariffs, taxes, and duties. It is also designed to promote paperless trade by encouraging the use of electronic documentation and payment systems. In Oklahoma, the implementation of the World Trade Organization Agreement on Trade Facilitation is seen as an opportunity to reduce barriers to international trade, promote economic growth, and create jobs. By simplifying customs procedures and reducing associated costs, Oklahoma businesses can better compete in the global market and gain access to new markets and customers. Furthermore, lower costs of trading will increase the competitiveness of Oklahoma businesses and make them more attractive to foreign investors.
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