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Each day TFO Canada publishes a sample of trade news on the Canadian import market along with any new, updated or changed regulations and legislations regarding international trade; countries in which TFO Canada offers services and on the export sectors which it promotes.

 

Peru ratified WTO's trade facilitation agreement

Monday, July 11, 2016 > 09:50:55
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(Andina)

Peru has ratified the 'Protocol Amending the Marrakesh Agreement Establishing the World Trade Organization', which comprises the Trade Facilitation Agreement (TFA), Foreign Trade and Tourism Minister Magali Silva announced.

As is known, TFA sets measures aimed at facilitating the transit of goods, including provisions to reduce trade costs for operators and further expedite clearance and release of goods. 

Likewise, the instrument contains regulations concerning transparency on the disclosure of standards on foreign trade and cooperation among control authorities. 

It must be noted that TFA will enter into force once WTO's 108 members have ratified the said agreement. So far, 86 members -including Peru- have accepted this document. 

"Such ratification is the result of coordinated efforts undertaken by concerned sectors [...], whose functions are related to foreign trade operations," Silva highlighted. 

She also noted this tool's approval promotes modern, uniform and efficient procedures that meet international standards on trade facilitation-related matters.

Besides, it ensures legitimate trade and boosts proper risk management, thereby bringing several benefits such as time and cost reduction for traders and operators. 

The TFA implementation is expected to increase global exports' annual growth rate by 2.7% and expand global GDP by 0.54% between 2015 and 2030.

Thus, this covenant will contribute to improving national exports' competitiveness, the official stressed. 

Finally, the minister emphasized the portfolio has been disseminating TFA-related information nationwide, which will be very useful for both Peruvian public officials and trading enterprises. 

Corresponding negotiations on trade facilitation started in 2004, within the framework of WTO, which paid particular attention to issues of free transit, rights and formalities for imports and exports, as well as trade regulations' publication and application. 

TFA talks concluded in 2013 at the WTO Ministerial Conference in Bali.


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