29 January 2018
Argentina has ratified the Trade Facilitation Agreement (TFA) of the World Trade Organization by submitting its instrument of acceptance to the WTO Secretariat in Geneva, Switzerland.
The entry into force of the TFA for Argentina reflects its commitment to the multilateral trading system, as shown in the Declaration of Buenos Aires signed by President Macri and nine Latin American countries at the 11th WTO Ministerial Conference. This is expected to contribute to Argentina's strategy of smart insertion into the world, generating a reliable, predictable and competitive business environment for Argentine exporting and importing companies.
The TFA -ratified by Argentina last 22 January- is the first multilateral agreement concluded by the Organization in over 20 years. In a world that is increasingly interconnected by new technologies and value chains, the Agreement will provide concrete benefits for Argentine companies as it will expedite the movement, release and clearance of goods, promote cooperation between customs authorities and facilitate the provision of technical assistance to developing countries.
WTO estimates show that the full implementation of the TFA could reduce trade costs by an average of 14.3% and boost global trade by up to $1 billion per year. Furthermore, the Agreement is expected to add around 2.7 per cent per year to world export growth and more than 0.5 per cent per year to world GDP growth during the 2015-30 horizon.