On 06 March - two weeks after entry into force of the World Trade Organisation (WTO) Trade Facilitation Agreement (TFA) - the World Customs Organisation (WCO) Trade Facilitation Agreement Working Group (TFAWG) met for the seventh time at the WCO’s Headquarters.
The TFA entered into force after the threshold of 110 WTO Members needed to ratify the TFA was achieved on 22 February 2017. Since then, the number has grown to 113, with the ratification submission from the Dominican Republic.
The implementation of the TFA is forecast to slash trade costs by an average of 14.3%, with developing countries having the most to gain, according to a 2015 study carried out by WTO economists.
Hundreds of delegates representing Customs, other Border Agencies and Trade Ministries from WCO Members, Observers from several International Organisations, and Private Sector participants discussed TFA developments within the WTO and WCO. They also exchanged ideas about Private Sector involvement in the implementation of the TFA and specific trade facilitation provisions in the context of digital Customs that will enhance transparency and integrity in international trade supply chains.
During discussions on making information available through the internet and the update of the WCO’s Transparency and Predictability Guidelines, delegates emphasised the importance of integrity. They appreciated that the update included a section dedicated to integrity, as they considered it to be a crucial element in enhancing trade facilitation.