WTO Trade Facilitation Agreement Introduced

The General Department of Vietnam Customs recently held a press conference to introduce the WTO Trade Facilitation Agreement (TF Agreement). Mr Nguyen Toan, Head of International Cooperation Department, introduced TF Agreement contents, negotiation preparation processes and implementation plans of Vietnam and answered questions on advantages and challenges to Vietnam from reporters.

 

TF Agreement defines clear, consistent and comprehensive trade facilitation standards according to international standards. Hence, once it is executed, it will provide favourable conditions for Vietnam when it enforces other free trade agreements (FTAs) like ASEAN Free Trade Area (AFTA), Trans-Pacific Partnership (TPP), Vietnam - Eurasian Economic Union FTA (VN-EAEU FTA), and Regional Comprehensive Economic Partnership (RCEP). In November 2014, at a general assembly in Geneva, member countries adopted the amended Protocol to bring TF Agreement into Annex 1A of the Marrakesh Agreement on the World Trade Organisation (WTO) formation. On November 26, 2015, Vietnam's National Assembly passed Resolution No. 108/2015/QH13 ratifying the Protocol that amends the Marrakesh Agreement on WTO formation, becoming the 54th WTO member to pass the agreement. In the coming time, agreement contents will be communicated to authorities, organisations, individuals and particularly enterprises.