The Trade Facilitation Agreement (TFA), concluded during the World Trade Organization (WTO) ministerial conference in Bali in 2013, entered into force on 22 February.

The ratification of the agreement by Chad, Jordan, Oman and Rwanda reached the two-thirds threshold (110 members) required for its immediate entry into force.

The agreement aims to simplify international import and export procedures, customs formalities and transit requirements, and will make commercial administrative processes easier and less costly, thereby helping to stimulate global trade and economic growth. Measures are also included to facilitate closer cooperation between customs authorities, particularly in the better enforcement of customs regulations.

With this agreement, the WTO also aims to improve transparency to reduce the risk of corruption and, above all, to increase opportunities for small and medium-sized enterprises to participate in global trade.

In practical terms, for businesses, this will result in fewer documents to complete and a speeding up and simplification of customs formalities.

Finally, the agreement includes support measures for the poorest countries, which will be assisted in the process of modernising their customs procedures.

Negotiations began in November 2001 as part of the Doha Development Agenda, a round of trade negotiations launched with the aim of liberalising trade and facilitating the integration of developing countries.

For further information on the agreement, click here