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The EU Ratifies WTO Trade Facilitation Agreement
EIN News Oct 06, 2015
The EU today finalised the ratification process of the WTO Trade Facilitation Agreement – the first major multilateral deal in years, expected to significantly simplify and modernise customs procedures around the world.
The WTO Director-General, Roberto Azevêdo received today from Cecilia Malmström, EU Commissioner for Trade, and Jean Asselborn, Minister of Foreign Affairs of Luxembourg - currently holding the EU Presidency - the document confirming the EU's binding commitment to the deal agreed by the WTO Members.
The ceremony today followed the approval of the agreement by the European Parliament and the EU Member States respectively on 9 September and 1 October 2015. It took place in connection with the G20 Trade Ministers Meeting in Istanbul.
The EU now expects its WTO partners who have not yet done so to fulfil all the required procedural steps without delay, so that companies can experience the tangible benefits of the deal as soon as possible.
The trade facilitation talks started as part of the Doha Development Agenda. Considering the potential benefits of this agreement for all countries and, in particular, the developing ones, the WTO Members agreed in the end of 2013 to prioritise a stand-alone deal on customs matters.
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