WTO: Côte d’Ivoire engaged in the implementation of the Trade Facilitation Agreement (TFA)

Aug 10, 2018 | FinancialAfrik

Côte d’Ivoire is actively preparing for the full implementation of WTO (World Trade Organization) procedures to simplify and speed up customs border procedures under the Trade Facilitation Agreement (TFA).

During a workshop to report on a study conducted by Nathan Associates Inc. on July 6 as part of USAID’s LPFM II project, a mapping of royalties and associated costs was developed in the to support the country in implementing the necessary reforms. Adopted in 2013 and entered into force in February 2017, the Trade Facilitation Agreement (TFA) aims to reduce non-tariff barriers and accelerate the movement of goods across borders through transparency in publication information on fees and tariffs charged on import, export and during transit. Accessibility and transparency of procedures According to a WTO study, the full implementation of the TFA is expected to result in “a reduction in international trade costs of 14.3%”, reducing “by more than a day and a half the lead times”. import of goods and nearly two days export lead time, a decrease of 47% and 91%, respectively, compared to the current average. And as a result, global income is expected to grow by more than $ 1 trillion a year, benefiting developing countries in particular. Source: FinancialAfrik