Main Menu

The Russian Federation Ratifies WTO Trade Facilitation Agreement

World Trade

Open Eyes Opinion

Russia

Russian Federation ratifies Trade Facilitation Agreement

 

 

 

 

 

 

The Russian Federation has become the 77th WTO member to ratify the new Trade Facilitation Agreement (TFA). The Russian Federation’s Minister of Economic Development, Alexey Ulyukaev, met with Director-General Roberto Azevêdo on 22 April and presented his country’s TFA instrument of acceptance.

“I was very happy to meet with Minister Ulyukaev today and receive Russia’s instrument of acceptance,” DG Azevêdo said. “The WTO’s Trade Facilitation Agreement is particularly important for such a large nation bridging two continents. Trade facilitation can help Russia expand its trade relations and diversify its economy by significantly reducing the time and costs of moving goods across its many borders.”

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 will enter into force once two-thirds of the WTO membership has formally accepted the Agreement.

In addition to the Russian Federation, the following WTO members have also accepted the TFA: Hong Kong China, Singapore, the United States, Mauritius, Malaysia, Japan, Australia, Botswana, Trinidad and Tobago, the Republic of Korea, Nicaragua, Niger, Belize, Switzerland, Chinese Taipei, China, Liechtenstein, Lao PDR, New Zealand, Togo, Thailand, the European Union (on behalf of its 28 member states), the former Yugoslav Republic of Macedonia, Pakistan, Panama, Guyana, Côte d’Ivoire, Grenada, Saint Lucia, Kenya, Myanmar, Norway, Viet Nam, Brunei, Ukraine, Zambia, Lesotho, Georgia, Seychelles, Jamaica, Mali, Cambodia, Paraguay, Turkey, Brazil, Macao China, the United Arab Emirates, Samoa and India.

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.  Further information on TFAF is available at www.TFAFacility.org.

Implementation of the WTO Trade Facilitation Agreement (TFA) has the potential to increase global merchandise exports by up to $1 trillion per annum, according to the WTO’s flagship World Trade Report released on 26 October 2015.  Significantly, the Report also found that developing countries will benefit significantly from the TFA, capturing more than half of the available gains.

The World Trade Report 2015 is available here.  More information on the WTO and trade facilitation is available at www.wto.org/tradefacilitation.

About the WTO

The World Trade Organization (WTO) deals with the global rules of trade between nations. Its main function is to ensure that trade flows as smoothly, predictably and freely as possible.

{Source: World Trade Organization – Media Relations}

[Photo credits-featured image: Panorama of Moscow Kremlin from Bolshoi Kamenny bridge – By Минеева Ю. (Julmin) (retouched by Surendil) – Own work, CC BY-SA 1.0, https://commons.wikimedia.org/w/index.php?curid=3332136]

[Intext photo: inserted by openeyesopinion.com (credits embedded)]

###

Click here for reuse options!
Copyright 2016 openeyesopinion.com





Comments are Closed