News

During the period of Lithuania’s Presidency of the EU Council, WTO members concluded negotiations in December 2013 on the Trade Facilitation Agreement (TFA), which entered into force on 22 February 2017, following its ratification.

The Minister of Foreign Affairs of Lithuania Linas Linkevičius highlighted that the conclusion of negotiations on the TFA was a huge achievement during the period of the country’s Presidency of the EU Council.

“This agreement is being implemented at a right time, as the WTO is looking at new ways to motivate and energize the process for international trade activity, which has for some years suffered the negative effects of the global financial meltdown. The agreement will improve export conditions also for Lithuanian entrepreneurs, who seek to find alternative markets in third countries,” said Lithuania’s Foreign Minister.

The agreement aims to streamline, simplify and standardise customs procedures. Estimates show that the full implementation of the Agreement could reduce trade costs globally by approximately 14 per cent.

The WTO Director-General Roberto Azevêdo welcomed the entry into force of the agreement and noted that the TFA could increase global merchandise exports by up to $1 trillion annually. We could not expect to reap a greater benefit even if all currently applicable import duties were to be abolished.