United States Takes Final Step Toward WTO Trade Facilitation AgreementWednesday, February 4, 2015
(North American Meat Institute)
U.S. Trade Representative Michael Froman formally delivered the United States' letter of acceptance of the World Trade Organization (WTO) Trade Facilitation Agreement to WTO Director General Roberto Azevêdo. The delivery of the letter is the final step that the United States must take to officially enter into this agreement, which is designed to improve trade efficiency and is projected to generate hundreds of billions of dollars in economic activity.
The U.S. is the third WTO member to deliver its letter of acceptance, following submissions from Singapore and Hong Kong. The WTO Trade Facilitation Agreement, which was agreed to at the WTO Ministerial Conference in Bali, Indonesia, in December 2013, is the first multilateral agreement since the WTO's inception 20 years ago.
The agreement contains provisions for expediting the movement, release and clearance of goods, including goods in transit, with the goal of reducing costs and administrative burdens associated with moving goods across borders.share on facebook share on twitter