WTO agreement reduces businesses’ trading costs

The World Trade Organization’s (WTO) Trade Facilitation Agreement (TFA) enters into force on 22 February 2017.

The agreement deals with fees and formalities connected with export and import, as well as transit. TFA aims to expedite customs clearance, reduce unnecessary paperwork and improve predictability and access to information.

According to Minister Kai Mykkänen, implementation of the TFA is very important to Finland. “The agreement will facilitate more efficient movement of goods across borders, to the benefit of both businesses and consumers. As part of global value chains, intermediate products, parts and components, in particular, cross customs borders multiple times. The imports and exports of the Finnish trade in goods consist largely of such intermediate products.”

Small and medium-sized enterprises, in particular, will benefit from the simplification of trade procedures.

The agreement also supports the integration of developing countries into the global economy. Finland in cooperation with the World Customs Organization (WCO) will contribute €3 million in order to support the implementation of the agreement in Eastern and Southern Africa.

Read more in the press release(Link to another website.) of the Ministry for Foreign Affairs of Finland.