Did you know...
…that at the Seventh Summit of the Americas, 12 countries joined the United States* and host country Panama in a joint statement that calls the World Trade Organization (WTO) Trade Facilitation Agreement’s “entry into force essential to enhance the competitiveness of the Americas in the global marketplace”? To address the vast amount of “red tape” that still exists in moving goods across borders, and which poses a particular burden on small and medium-sized enterprises, the WTO Members prepared a landmark Trade Facilitation Agreement (TFA). The TFA contains provisions for streamlining trade by expediting the movement, release and clearance of goods. It also sets out measures for effective cooperation between customs and other appropriate authorities on trade facilitation which will help improve transparency thus reducing the scope for corruption.
The TFA will come into force once two-thirds of the 164 WTO members have formally accepted the Agreement. As of September 27, 2016, the number of TFA ratifications stood at 94 out of which 17 were from OAS Member States. This means that nearly 85 per cent of the ratifications needed to bring the TFA into force have now been received.
*Source: Seventh Summit National Report (United States - July 7, 2016)
Sixth Summit of the Americas - Colombia
“To promote economic growth with equity and social inclusion by strengthening cooperatives, micro, small, and medium-sized enterprises, including cultural industries, in addition to grassroots economic initiatives and other production units, innovation, and competitiveness in the countries of the Americas.”