WTO’s Trade Facilitation Agreement Goes Into Effect

The World Trade Organization’s Trade Facilitation Agreement went into effect on February 22, 2017. The agreement seeks to reduce the “red tape” for traders involved in moving goods across borders.

The agreement, as summarized by the WTO, includes “improvements to the availability and publication of information about cross-border procedures and practices, improved appeal rights for traders, reduced fees and formalities connected with the import/export of goods, faster clearance procedures and enhanced conditions for freedom of transit for goods. The Agreement also contains measures for effective cooperation between customs and other authorities on trade facilitation and customs compliance issues.”