Botswana Becomes Eighth WTO Member To Approve Trade Facilitation Agreement
Botswana Becomes Eighth WTO Member
To Approve Trade Facilitation Agreement (“TFA”)
To Approve Trade Facilitation Agreement (“TFA”)
Botswana has ratified the World Trade Organization’s Trade Facilitation Agreement, making it the first nation on the African continent to do so.
The TFA instructs WTO members to improve their customs procedures and expedite the movement, release and clearance of goods, among other commitments.
Once fully implemented, the TFA could reduce global trade costs between 12.5 percent and 17.5 percent, according to the Organization for Economic Cooperation and Development (OECDThe Organisation for Economic Co-operation and Development (OECD) is an international organisation comprising 38 member countries, established to foster economic growth, trade, and development on a global scale. Founded in 1961, the OECD provides a forum for governments to collaborate, share policy experiences, and develop solutions to common economic challenges. The OECD's core mission is to promote policies that improve...). Just a 1 percent drop in global trade costs could save as much as $40 billion dollars in trade costs, OECDThe Organisation for Economic Co-operation and Development (OECD) is an international organisation comprising 38 member countries, established to foster economic growth, trade, and development on a global scale. Founded in 1961, the OECD provides a forum for governments to collaborate, share policy experiences, and develop solutions to common economic challenges. The OECD's core mission is to promote policies that improve... officials said this month.
After two-thirds of the WTO’s 161 members submit their instruments of acceptance, the TFA will be ratified and enter into force.
Australia, Hong Kong, Japan, Malaysia, Mauritius, Singapore and the U.S. already have ratified the agreement.
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