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Agreement Of Trade Facilitation

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Agreement Of Trade Facilitation

3. The expert group shall be composed of five highly qualified independent persons in the fields of trade facilitation, assistance and capacity building assistance. The composition of the expert group ensures a balance between nationals of developing countries and members of industrialized countries. If a member of the least developed country is involved, the group of experts shall be composed of at least one national of a member of a least developed country. If the Committee is unable to agree on the composition of the group of experts within twenty days of its establishment, the Director-General, in consultation with the Chair of the Committee, shall determine the composition of the group of experts referred to in this paragraph. It is estimated that full implementation of the TFA could reduce trade costs by an average of 14.3 percent and increase global trade by $1 trillion a year, with the biggest profits being recorded in the poorest countries. For the first time in the history of the WTO, the requirement to implement the agreement is directly linked to the country`s ability to do so. A Trade Facilitation Mechanism (TFAF) has been put in place to ensure that developing and least developed countries receive the necessary assistance to reap the full benefits of the TFA. Section II of the Agreement contains groundbreaking provisions on special and differential treatment that link implementation by developing and least-developed countries to the acquisition of capacity to implement the Agreement for the first time in the history of the WTO (see box). It should be noted that the Democratic People`s Republic of Laos and Malawi are the only LDCs to have reported the operation of their simple wind turbine systems (where traders submit regulatory documents in one place). Currently, the cost of international trade is about $2 trillion. [4] This is due to a large number of factors, including redundant customs procedures, marginal tariffs and unnecessary duplication. [4] The economic benefits of the Trade Facilitation Agreement are not yet fully perceptible and measured.

However, estimates of the economic benefits arising from the agreement are widespread. Estimates range from about $68 billion to nearly $1 trillion a year. According to the OECD, the trade facilitation agreement has the potential to reduce trade costs by 14.1% for low-income countries, 15.1% for middle-income countries and 12.9% for high-middle-income countries. This would indicate a series of earnings of about $9 to $133 per year per person on the planet.