The Trade Facilitation Agreement (TFA) is a multilateral agreement that was adopted by the World Trade Organization (WTO) in 2013. The agreement is designed to simplify and streamline the movement of goods across borders and to reduce trade barriers, ultimately leading to increased economic growth and development.
The TFA contains a total of 36 articles that cover a range of issues related to trade facilitation. The agreement is designed to address three core areas, including customs procedures, transit of goods, and the release and clearance of goods.
One of the primary goals of the TFA is to simplify and streamline customs procedures. This includes implementing measures to reduce the time and costs associated with customs clearance, such as the use of electronic customs procedures and the elimination of unnecessary paperwork requirements.
The TFA also aims to improve the transit of goods between countries by reducing transit times, improving cooperation between border agencies, and implementing measures to prevent the diversion of goods.
Finally, the TFA includes provisions to improve the release and clearance of goods, including measures to streamline inspections and reduce the number of physical inspections required. The agreement also includes provisions to improve the availability of information related to trade, such as information on customs procedures and tariffs.
The TFA is a landmark agreement that has the potential to significantly reduce trade barriers and promote economic growth and development. By simplifying customs procedures, improving the transit of goods, and streamlining the release and clearance of goods, the TFA will make it easier for businesses to engage in international trade, ultimately leading to increased economic activity and job creation.