On January 9, 2017 Saint Vincent and the Grenadines became the 106th country to ratify the Trade Facilitation Agreement (TFA) as announced by the World Trade Organization (WTO). The TFA requires two-thirds or 110 WTO member countries to ratify the agreement before it can enter into force.
According to the release, “the TFA contains provisions for expediting the movement, release and clearance of goods, including goods in transit.” In 2015, WTO economists conducted a study on the effects of implementing the FTA and listed proposed benefits as follows:
- Average trade cost reduction of 14.3%
- Approximately 1.5 days reduced on the importation of goods. A reduction of 47%
- Almost 2 days reduced on exports. A reduction of 91%
- Exports of global merchandise could benefit by an increase of approximately US$ 750 billion – US$ 1 trillion
The full release can be accessed at:
https://www.wto.org/english/news_e/news17_e/fac_09jan17_e.htm
