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Nicaragua Has Become The Eleventh WTO Member To Ratify The New Trade Facilitation Agreement

World Trade

Open Eyes Opinion {source: WTO}

Trade Facilitation

Nicaragua

Nicaragua ratifies Trade Facilitation Agreement

 

 

 

 

Nicaragua has become the eleventh WTO member to ratify the new Trade Facilitation Agreement (TFA). The newly appointed Nicaraguan ambassador to the WTO, Hernán Estrada Román, presented the instrument of acceptance of the TFA to the Director-General, Roberto Azevêdo on August 4th.

The TFA will only enter into force once two-thirds of the WTO membership has formally accepted the Agreement. In addition to Nicaragua, the following members have ratified the Agreement: Trinidad and Tobago, the Republic of Korea, Hong Kong China, Singapore, the United States, Mauritius, Malaysia, Japan, Australia and Botswana.

Concluded at the WTO’s 2013 Bali Ministerial Conference, the TFA contains provisions for expediting the movement, release and clearance of goods, including goods in transit.

It also sets out measures for effective cooperation between customs and other appropriate authorities on trade facilitation and customs compliance issues. It further contains provisions for technical assistance and capacity building in this area.

The TFA broke new ground for developing and least-developed countries in the way it will be implemented. For the first time in WTO history, the requirement to implement the Agreement was directly linked to the capacity of the country to do so.

In addition, the Agreement states that assistance and support should be provided to help them achieve that capacity.

A Trade Facilitation Agreement Facility (TFAF) was also created at the request of developing and least-developed country members to help ensure that they receive the assistance needed to reap the full benefits of the TFA and to support the ultimate goal of full implementation of the new agreement by all members.

More information on trade facilitation and the TFA can be found at www.wto.org/tradefacilitation.

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[photo credits: “Selvanegragazebo1” by Serenityweb1 – Serenity of Nicaragua (http://www.serenity21.com). Licensed under CC BY 3.0 via Wikimedia Commons – https://commons.wikimedia.org/wiki/File:Selvanegragazebo1.JPG#/media/File:Selvanegragazebo1.JPG]

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