Argentina ratified the Trade Facilitation Agreement (TFA) of the World Trade Organization (WTO) by presenting the corresponding instrument to the Secretariat of the Organization in Geneva, Switzerland.
The entry into force of the AFC for the Argentina reflects its commitment to the multilateral trading system, as reflected in the Buenos Aires Declaration signed by President Macri and nine Latin American countries at the 11th WTO Ministerial Conference.
With this, it is hoped to contribute to the smart insertion strategy of Argentina in the world, generating a reliable, predictable and competitive commercial environment for Argentine exporting and importing companies.
The AFC – which our country ratified on January 22– is the first multilateral Agreement concluded by the Organization in more than 20 years of existence. In a world increasingly interconnected by new technologies and value chains, the Agreement will provide concrete benefits to national companies by expediting the movement, release and clearance of goods, promoting cooperation between customs authorities and providing technical assistance in developing countries.
It is estimated, according to WTO data, that the full implementation of the TFA will reduce costs of world trade by an average of 14,3%, and will boost world trade by one billion dollars annually. The Agreement will add up to 2,7% annually to the export growth global and more than 0,5% annually to global GDP growth during the time horizon 2015-2030.
Argentina thus became the 128th nation to sign the Trade Facilitation Agreement (TFA) of the World Trade Organization (WTO).
#WTO | Argentina ratifies the WTO Trade Facilitation Agreement: https://t.co/qwG1iRAcmU
— Argentine Foreign Ministry ?? (@CancilleriaARG) January 29, 2018
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