The World Trade Organization (WTO) Trade Facilitation Agreement (TFA) was signed on December 7, 2013, with the aim of simplifying and streamlining the global trading system. The agreement focuses on reducing trade barriers, increasing transparency, and improving cooperation between customs authorities. The TFA entered into force on February 22, 2017, and has since been ratified by 164 WTO member countries.
So who are the signatories of the WTO Trade Facilitation Agreement? As of 2021, all 164 WTO members have ratified the TFA. The agreement is binding on all WTO members, including those that have not yet ratified it. The following are some of the key signatories of the TFA:
1. United States
2. European Union
3. China
4. Japan
5. India
6. Brazil
These signatories represent some of the largest economies in the world and are responsible for a significant portion of global trade. By ratifying the TFA, these countries have committed to implementing measures that will make international trade easier and more transparent.
The TFA includes provisions that require WTO members to establish national trade facilitation committees to oversee the implementation of the agreement. These committees are responsible for developing and implementing national trade facilitation plans, coordinating with other government agencies, and engaging with the private sector.
The TFA also includes provisions relating to the release and clearance of goods, including provisions related to the use of electronic documentation and the establishment of risk management systems. These measures are designed to speed up the clearance process and reduce the amount of time and paperwork required for customs clearance.
In addition to these provisions, the TFA includes requirements relating to trade-related technical assistance and capacity building. WTO members are required to provide assistance to developing countries to help them implement the provisions of the agreement.
Overall, the TFA represents a significant step forward in the effort to simplify and streamline the global trading system. By reducing trade barriers, increasing transparency, and improving cooperation between customs authorities, the agreement is expected to boost economic growth and create new opportunities for businesses around the world. As more countries ratify the agreement, the benefits of the TFA are likely to become even more pronounced.
