WTO Trade Fa­cil­i­ta­tion Agree­ment comes into force

Financial Nigeria Magazine - - Development -

The United Na­tions Con­fer­ence on Trade and Devel­op­ment (UNCTAD) has de­scribed the re­cent en­try into force of the Trade Fa­cil­i­ta­tion Agree­ment (TFA) as a huge step to­wards mak­ing global trade more ef­fi­cient for mem­ber coun­tries of the World Trade Or­gan­i­sa­tion (WTO). The TFA is ex­pected to sig­nif­i­cantly in­crease in­ter­na­tional trade, re­duce cor­rup­tion and boost devel­op­ment.

The WTO projects that mem­ber coun­tries could re­duce trade costs be­tween 9.6% and 23.1% with the rat­i­fi­ca­tion of the TFA. Ac­cord­ingly, this would trans­late into ex­port gains of be­tween $750 bil­lion and $1 tril­lion, and add 2.7% per year to world ex­port growth be­tween 2017 and 2030.

The UN agency has suc­cess­fully estab­lished more than a dozen na­tional trade fa­cil­i­ta­tion com­mit­tees in Africa, South Amer­ica and Asia, to re­duce the cost of trade. Be­tween now and 2030, the TFA is ex­pected to add more than half-a-per­cent to growth of world GDP pro­vid­ing ad­di­tional re­sources for the in­ter­na­tional devel­op­ment agenda.

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