WTO MOVES TO FACILITATE SMOOTH REGIONAL TRADE - FINANCIAL-24
The East African Community (EAC) has established a trade and facilitation sub-committee to work at national and regional levels.
The Community’s Director of Customs and Trade, Mr Kenneth Bagamuhunda, said here that the committee would supervise the implementation of the World Trade Organisation (WTO) and trade facilitation plans.
The director said that regional and national implementation plans for the WTO and TFA had since been finalised and adopted by the EAC policy organs.
“Amendments of regional laws, regulations and procedures, development of project proposals for resource mobilisation and sensitisation of stakeholders is currently underway,” said Mr Bagamuhunda.
He cited the Single Customs Territory (SCT) and the interconnectivity of customs systems among some of the key TFA components that have been implemented by the EAC.
“The SCT provides for free circulation of goods, reduces cost of doing land’s Representative to the EAC, said that his country had since disbursed $3.5 million as part of its contribution to TFA trade facilitation support programme, a multi-donor window of the World Bank group’s trade and competitiveness global practice – which in turn provides support for countries seeking assistance in aligning their trade practices with the WTO.
“Every country is eligible to receive support under the programme.
Eligible countries are expected to have demonstrated a strong commitment to implementing trade facilitation reforms in the areas covered by the WTO/TFA.
“Moreover, the support programme will prioritise assistance to countries with other limited access to other donor support,” said Amb. Mattli.
He expressed dismay over bureaucratic delays and ‘red-tape’ which he said were an ‘unnecessary and expensive’ burden for traders moving goods across borders.
” However, he said, the TFA would help developing countries diversify their exports and tap into global value chains. business, reduces Non-Tariff Barriers, ensures competitiveness, boosts business predictability and promotes investment,” he said, adding that SCT was premised on the use of electronic systems.
Other components already implemented are the establishment of onestop border posts; harmonisation of standards, reduction of non-tariff barriers and publication of the EAC Trade and Investment report.
Ambassador Arthur Mattli, Switzer-land’s Representative to the EAC, said that his country had since disbursed $3.5 million as part of its contribution to TFA trade facilitation support programme, a multi-donor window of the World Bank group’s trade and competitiveness global practice – which in turn provides support for countries seeking assistance in aligning their trade practices with the WTO.
“Every country is eligible to receive support under the programme. Eligible countries are expected to have demonstrated a strong commitment to implementing trade facilitation reforms in the areas covered by the WTO/TFA.
“Moreover, the support programme will prioritise assistance to countries with other limited access to other donor support,” said Amb. Mattli.
He expressed dismay over bureaucratic delays and ‘red-tape’ which he said were an ‘unnecessary and expensive’ burden for traders moving goods across borders.”
However, he said, the TFA would help developing countries diversify their exports and tap into global value chains.
Daily News
This is the article WTO MOVES TO FACILITATE SMOOTH REGIONAL TRADE - FINANCIAL-24 this time, hopefully can benefit for you all. well, see you in other article post.
Title : WTO MOVES TO FACILITATE SMOOTH REGIONAL TRADE - FINANCIAL-24
link : WTO MOVES TO FACILITATE SMOOTH REGIONAL TRADE - FINANCIAL-24
0 Response to "WTO MOVES TO FACILITATE SMOOTH REGIONAL TRADE - FINANCIAL-24"
Post a Comment