|Published : 01 Dec 2016, 19:51:25|
WTO starts final countdown for TFA
FE Online Report
As only 10 more ratifications from the members are needed to bring the Trade Facilitation Agreement (TFA) into force, the World Trade Organisation (WTO) starts final countdown for realising the global deal.
Dominica and Mongolia have ratified the TFA, putting the total number of ratifications from members at 100, according to a press statement of the organisation.
The agreement will enter into force once two-thirds of the WTO membership has formally accepted it. As there are 163 members, it requires ratification from at least 110 members to make the deal obligatory for all the members.
On Monday, Dominica’s and Mongolia’s instruments of acceptance were submitted to the WTO.
So far, 13 Least Developed Countries (LDCs) including Bangladesh have ratified the agreement.
Though Bangladesh has already take a lot of initiative to implement the deal, a lot more work is needed to improve the trade facilitation infrastructure.
The country is ranked 123rd among 136 countries in this year’s global enabling trade index, jointly prepare and released by the World Economic Forum and Global Alliance for Trade Facilitation.
The report identified that efficiency and transparency of border management is very low in the country along with low quality transportation and low use of information technology.
TFA was accepted in Bali Ministerial conference of the WTO in 2013 and becomes the first global trade agreement in 20 years of the WTO’s history. The basic idea of the deal is to make a global arrangement to make the border crossing smooth, faster and economy through electronic system.
Meanwhile, the World Customs Organisation (WCO) has updated the TFA Implementation Guidance, incorporating new tools and instruments and adding practices of more members.