Trade Facilitation Agreement (TFA) refers to an agreement signed by the members of the World Trade Organization (WTO) in December 2013. The agreement mainly aims to simplify and streamline customs procedures and regulations related to trade. The TFA came into force on February 22, 2017, after two-thirds of the WTO members ratified it.
In essence, the TFA is an international agreement that seeks to improve the efficiency and transparency of customs processes in all member countries. It seeks to reduce the amount of time and paperwork needed to import and export goods, which can help lower costs for businesses and lead to increased trade.
The TFA wikipedia page is a comprehensive resource providing detailed information about the agreement. The page provides a brief introduction to the agreement, outlining its objectives and how it works. It also provides a timeline of the agreement`s development and the key milestones leading up to its entry into force.
The page further delves into the specifics of the agreement, outlining the various provisions contained within it. These provisions cover a broad range of issues, including customs procedures, border agency cooperation, formalities related to the movement of goods, transparency, and publication of information.
One of the most notable aspects of the TFA is the emphasis it places on the use of technology to streamline customs procedures. The agreement recognizes the importance of modernizing customs processes and encourages member countries to adopt electronic systems for clearance procedures, such as electronic customs declarations.
The wikipedia page also highlights the potential benefits of the TFA for member countries. Some of these benefits include increased trade, improved cross-border cooperation, and enhanced revenue collection for governments.
Overall, the Trade Facilitation Agreement Wikipedia page is an excellent resource for anyone seeking to understand the ins and outs of this landmark agreement. Whether you are a business owner looking to expand your global reach or an international trade policy analyst, this page provides a wealth of information that can help you navigate the complexities of global trade.