Year of Graduation
WTO Trade Facilitation Agreement and Significance of its Conclusion for the Progress of the Multilateral Trading System
The aim of the work is to obtain a concrete assessment of the importance of the WTO Agreement on Trade Facilitation for the participating countries and to identify the possible consequences of its signing for international trade. In December 2013, for the first time in the twenty-year history of the WTO, an important document, the Trade Facilitation Agreement (TFA), was adopted by the participants of the 9th Ministerial Conference in Bali, which supplemented the WTO legal framework. The Agreement on Trade Facilitation (hereinafter referred to as the Agreement) is designed to reduce administrative barriers to cross-border goods, increase transparency and predictability of trade operations, and reduce corruption. The new Agreement significantly supplements and clarifies the provisions of articles GATT-94; covers issues of customs and administrative simplification of import and export procedures, reducing time and reducing the cost of moving goods across borders; touches upon issues of cooperation between border authorities. Trade procedures will be greatly simplified through the use of electronic data interchange. Specific estimates of economic benefits show tangible benefits for all WTO members. Significant economic benefits will be given to those countries that will implement the largest number of trade facilitation measures and fully meet their commitments. Reducing costs will promote wider participation of WTO member countries in international trade and their greater economic development. In addition to economic benefits, the study identified "systemic effects" for the multilateral trading system. The signing of the TFA agreement has shown the efficiency of the legislative and negotiating functions of the WTO, deviation from the principle of a "single package" makes it possible to solve other complicated issues in a similar way. Following the example of TFA, it is possible to develop new agreements that will expand the legal framework of the trade organization.