FIVE YEARS OF GLOBAL TRADE FACILITATION
The 22nd of February marked the fifth anniversary of the WTO Trade Facilitation Agreement, a landmark agreement that aims to deliver faster and easier trade. Since 2017, the TFA has paved the way for supply chain resilience, including during the COVID-19 pandemic.
Efforts to implement the TFA have been vital for global supply chain resilience, which is more than ever important amid the demands for a sustainable recovery from the pandemic. Border reforms to fulfil TFA commitments, such as the streamlining and digitalising trade procedures, expedited approvals for perishable goods, and establishment of information portals, have helped ensure that food and essential supplies continued to reach people despite difficult conditions. “However, there is more work to be done. The full implementation of the TFA, supported by aid for capacity building from partners, will be necessary to help economies bounce back and better withstand future shocks,” WTO DG Okonjo-Iweala notes.
The report on the first-ever review of the TFA, which WTO members concluded last November, contains an overview of the progress of the implementation of the agreement and reports from countries on relevant activities to deliver the commitments under the TFA. As of 22 February 2022, notifications submitted by WTO members indicate that they have committed to implement 74.3% of TFA obligations. The implementation rate for each WTO member can be viewed here.
Source: World Trade Organization