Argentina became the 128th member to ratify the World Trade Organisation’s (WTO) Trade Facilitation Agreement (TFA) this week.
“Argentina’s ratification of the TFA reflects our commitment to reforms for a reliable, productive and sustainable environment for growth, employment and development,” said Argentina’s WTO ambassador, Hector Marcelo Cima. “It is also a firm gesture of support for multilateralism and the shared objective of pursuing fair trade based on clear rules.”
The TFA entered into force in early 2017 and the WTO noted that its full implementation could reduce global trade costs by an average of 14.3%, add up to 2.7% a year to world export growth and over 0.5% a year to world GDP growth over the 2015 to 2030 period.
“The TFA contains provisions for expediting the movement, release and clearance of goods, including goods in transit,” said a WTO spokesperson. “It also sets out measures for effective cooperation between customs and other appropriate authorities on trade facilitation and customs compliance issues.”
