What is the World Trade Organization Agreement on Trade Facilitation?

The World Trade Organization Agreement on Trade Facilitation is an international agreement designed to help simplify, standardize, and modernize international trade processes. It was adopted in 2014 and took effect in February 2017. The agreement seeks to make trading across borders easier, faster, and cheaper. This in turn helps reduce the costs of international trade and encourages trade flows. Under the agreement, governments agree to simplify and streamline customs procedures, provide procedures for more efficient clearance of goods, improve rights of traders in international trade, and cooperate in strengthening legal and regulatory systems related to trade. Signatories to the agreement also agree to cooperate in the fight against counterfeiting and piracy, and to provide effective dispute settlement mechanisms. The agreement can help reduce the costs of doing business by up to 14.5% and reduce trade costs by up to 10.1%, which can have a major impact on businesses. In Tennessee, this could mean lower costs for companies that import and export goods, making them more competitive in the international market. It could also lead to more international trade opportunities in the state, and increased economic growth.

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What is the World Trade Organization Agreement on Trade Facilitation?

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