10 Sep 2015
EUROPEAN COMMISSION DAILY NEWS – 10 SEPTEMBERBrussels Daily
The WTO Trade Facilitation Agreement gets the EU Parliament’s green light
The EU is closer to the ratification of the Trade Facilitation Agreement at the World Trade Organization (WTO) following a positive plenary vote by the European Parliament. This deal involving all members of the WTO is expected to simplify and modernise customs procedures around the world, help small businesses access new export opportunities and play a significant role in increasing developing countries’ involvement in global value chains. For the benefits to materialise, the agreement needs first to be ratified and implemented. Only sixteen WTO members have completed the ratification, since the end of negotiations in December 2013. Following yesterday’s decision by the Parliament, the EU would show its leadership in the process by completing the ratification procedure with a Council’s vote by the beginning of October, becoming the agreement’s 17th Party. The EU had set a target of up to €400 million over five years to assist developing countries in bringing the agreement into effect. The EU will help finance reforms and projects improving the customs systems of developing and least developed countries, as part of its “Aid for Trade” engagement. More information on the Trade Facilitation Agreement is available here or on the WTO homepage.
Read today’s edition in full: Daily News 10 – 09 – 2015