WTO Trade Committee on Trade Facilitation
The Committee on Trade Facilitation meets for first time - WTO members gathered on 16 May 2017 for the inaugural meeting of the Committee on Trade Facilitation, the body responsible for overseeing implementation of the WTO’s historic Trade Facilitation Agreement (TFA). The TFA will help expedite the movement, release and clearance of goods across borders. Full implementation of the TFA is forecast to slash members’
trade costs by an average of 14.3 %, with developing countries having the most to gain, according to a 2015 study carried out by WTO economists. The TFA is also likely to reduce the time needed to import goods by over a day and a half and to export goods by almost two days, representing a reduction of 47 per cent and 91 per cent respectively over the current average. For more information kindly click on the link https://www.wto.org/english/news_e/news17_e/fac_16may17_e.htm
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