Historic Trade Facilitation Agreement

Historic Trade Facilitation Agreement

(ii) for least developed countries, the expanded integrated framework for trade assistance to least developed countries should be part of this coordination process; And hundreds of delegates, representing the customs, other border authorities and trade ministries of WCO members, observers from several international organizations and private sector participants, discussed the evolution of the TFA within the WTO and WCO. They also exchanged views on private sector participation in the implementation of the TFA and on specific provisions to facilitate trade within the framework of digital tariffs, which will improve the transparency and integrity of international distribution chains. (c) the member immediately terminates or suspends the notification or guidelines when the circumstances leading to it are no longer present or when the amended circumstances may be treated less restrictively; And what is positive is that seven LDCs have already communicated their indicative deadlines, while the deadline expires in two years (February 22, 2021), sending a clear signal to donors about their commitment to implement the agreement. Work on the Trade Facilitation Agreement continued after the Singapore Summit. [2] The main objective of these discussions was to gain a first understanding of the scope of the agreement. The definition of a clearly defined role for the WTO has become a priority. The role of the WTO has been relatively broad. The first proposal stated that the WTO would have jurisdiction over payments, insurance and other financial requirements in the area of international trade. [2] In the late 1990s, efforts by a number of countries to make WTO rules binding and unassponed provoked a response to narrow the scope and focus on some aspects of the GATT. The two main products of interest were GATT Articles VIII and X. [2] The 2014 Trade Facilitation Agreement was confirmed in December 2013 at the Ninth Ministerial Conference in Bali, Indonesia. [1] After nearly 20 years of negotiations, the agreement was officially extended on 27 December 2014 to the membership of the 160-member World Trade Organization (WTO). [1] However, the agreement will not be ratified until two-thirds of the members have informed the WTO of their agreement.

For the WTO, the agreement can be seen as a historic achievement, given that it is the first multilateral agreement since the creation of the WTO in 1995. The 2014 Trade Facilitation Agreement is a global multilateral initiative to streamline strict procedures governing international trade. The agreement focuses mainly on many positive effects on developed and least developed countries. The Trade Facilitation Agreement is estimated to reduce trade costs by an average of 14.5%. In return, it would improve world trade by a trillion dollars. [1] This reduction in bureaucratic bureaucracy will have a positive impact on small and medium-sized enterprises and will facilitate trade and membership in global value chains. One of the most important aspects of this agreement is the new principle that the commitments made by developing and least developed countries in implementing the provisions of the agreement will be conditional on the acquisition of the necessary technical capabilities. [1] Trade facilitation is the generic term used to describe a set of measures that help reduce border bureaucracy. Tariff requirements pose real challenges for companies of all sizes operating internationally, particularly small and medium-sized enterprises (SMEs).


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