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Taiwan can benefit from Agreement on Trade Facilitation: MOEA

Taiwan can benefit from Agreement on Trade Facilitation: MOEA

Taipei, Sept. 4 (CNA) Taiwan is looking forward to the implementation of the Agreement on Trade Facilitation (TFA), which can help boost its gross domestic product (GDP), industrial productivity, and foreign trade, by increasing the efficiency of customs procedures, an economics official said Friday. The official from the Ministry of Economic Affairs (MOEA) pointed out that as of Thursday, 15 of the 160 members of the World Trade Organization (WTO) have ratified the TFA. Among these countries and territories are the United States, Japan, Australia, Singapore, Hong Kong, South Korea, Malaysia and Taiwan. WTO members reached consensus on the TFA in December 2013 at the Bali ministerial conference. The agreement will enter into force once two-thirds of the WTO members have completed their domestic ratification process. According to the MOEA's assessment, the implementation of the TFA could enable Taiwan's GDP to increase by US$3.858 billion, industrial production value to grow by US$5.559 billion, and export and import value to rise by US$3.226 billion and US$2.794 billion, respectively. TFA will be the first multilateral trade agreement of the WTO since its establishment in 1995. The agreement contains provisions for faster and more efficient customs procedures through effective cooperation between customs and other appropriate authorities on trade facilitation and customs compliance issues. Fast and efficient customs procedures will enable exporters to cut down on cost and improve their competitiveness in the international market, according to the official. (By C.W. Huang and Lillian Lin)


Updated : 2021-09-24 00:10 GMT+08:00