A case for replication of the Trade Facility Agreement (TFA) of the WTO in Trade Documentation

A case for replication of the Trade Facility Agreement (TFA) of the WTO in Trade Documentation

A case for replication of the Trade Facility Agreement (TFA) of the WTO in Trade Documentation Jayan Menon, Country Head - India at Traydstream   Issues Bureaucratic delays and “red tape” pose a burden for moving goods across borders for traders. Trade facilitation—the simplification, modernization and harmonization of export and import processes—has therefore emerged as an important issue for the world trading system. Trade Facilitation Agreement The TFA of the World Trade Organisation (WTO) entered into force on 22 February 2017 following its ratification by two-thirds of the 164 WTO members. The implementation of the TFA is in progress amongst the member countries of the WTO. The full implementation of the TFA is estimated to reduce global trade costs by an average of 14.3%.  It will also potentially reduce the average time needed to import by 47%. Cuts in export time will be even more dramatic: estimates predict a 91% reduction of the current average. TFA and India India too ratified the TFA on April 22, 2016. In...
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