Nigeria has ratified the Trade Facilitation Agreement (TFA), becoming the 107th country to sign up to the agreement.
The TFA was negotiated with members of the World Trade Organization (WTO) at the Bali Ministerial Conference in December 2013, and was borne out of the need to curb the excessive bureaucracy that exists around the world when goods are moved across borders. It will become legally effective when 110 of the 164 WTO members (representing two-thirds of the WTO membership) ratify the agreement.
Benefits of the TFA include:
- Expedited movement, release and clearance of goods, including goods in transit
- Effective cooperation between customs and other relevant authorities on trade facilitation and customs compliance issues
- Developing and least developing countries are provided with the necessary technical and capacity building support
Details of the TFA are fully examined HERE.