ISLAMABAD: Pakistan has become the 51st member of World Trade Organisation (WTO) to ratify the Trade Facilitation Agreement (TFA).

Pakistan’s Ambassador to WTO Syed Tauqir Shah presented Pakistan’s instrument of acceptance to Director General Roberto Azevêdo, an official announcement said on Tuesday.

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Concluded at the WTO’s 2013 Bali Ministerial Conference, the TFA contains provisions for expediting the movement, release and clearance of goods, including goods in transit.

It also sets out measures for effective cooperation between customs and other appropriate authorities on trade facilitation and customs’ compliance issues. It further contains provisions for technical assistance and capacity building in this area.

The TFA will enter into force once two-thirds of the WTO membership has formally accepted it.

The TFA broke new ground for developing and least-developed countries as for first time in WTO history, the requirement to implement the TFA was directly linked to the capacity of the country to do so.

In addition, the TFA states that assistance and support should be provided to help them achieve that capacity.

A Trade Facilitation Agreement facility was also created at the request of developing and least-developed country members to help ensure that they receive the assistance needed to reap the full benefits of the TFA and to support full implementation of the new agreement by all members.

Implementation of the TFA has the potential to increase global merchandise exports by up to $1 trillion per annum, according to the WTO’s flagship World Trade Report released on Monday.

The report also found that developing countries will benefit significantly from the TFA, capturing more than half of the available gains.

Published in Dawn, October 28th, 2015

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