The World Trade Organisation’s Trade Facilitation Agreement (TFA) sets forth a series of specific measures to facilitate trade across borders in line with international standards.
Hanoi (VNA)🐻 – The World Trade Organisation’s Trade Facilitation Agreement (TFA) sets forth a series of specific measures to facilitate trade across borders in line with international standards, creating favourable conditions for Vietnam to implement commitments in the free trade agreements (FTAs) that the country has signed.
Nguyen Toan, Director of the International Cooperation Department under the General Department of Vietnam Customs revealed the information at a press conference held in Hanoi on January 29 to introduce the TFA.
With three sections including 24 provisions, the TFA contains provisions for expediting the movement, release and clearance of goods, including goods in transit.
In addition to special and differential treatment provisions on providing technical assistance for developing and least-developed countries, the agreement also includes articles on establishing a permanent committee on trade facilitation at the WTO as well as national committee to facilitate domestic coordination and implementation of the agreement’s provisions.
The General Department of Vietnam Customs will set up plans and establish a steering committee to carry out the agreement’s commitments, Toan said.
The TFA was adopted by the WTO members at the Bali Ministerial Conference in 2013. The agreement aims to set out measures for effective cooperation between customs and other appropriate authorities on trade facilitation and customs compliance issues while enhancing technical support and capacity building in the area.
On the same day, Ministry of Trade and Industry and the government’s negotiation delegation on international economic and trade issues held a conference to popularise information on some inked or negotiated FTAs to branches, sectors and enterprises in the northern provinces of Cao Bang, Ha Giang, Tuyen Quang, Bac Kan and Lang Son.
In addition to providing local authorities and enterprises with an insight into the Trans-Pacific Partnership agreement, the EU-Vietnam Free Trade Agreement and Vietnam- Eurasian Economic Union trade pact, the event will help them to map out effective investment policies in the future.-VNA
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Shrimp processing for exports (Photo: VNA)
