APEC Leads Breakthrough Trade Pact Implementation Push

APEC Leads Breakthrough Trade Pact Implementation Push

APEC member economies are moving quickly to implement the newly ratified Trade Facilitation Agreement, the first multilateral trade deal under the World Trade Organization. They are intent on realizing its potential to boost trade participation and growth across the Asia-Pacific.
The Trade Facilitation Agreement, which entered into force this week after two-thirds of the WTO’s 164 members ratified it, will simplify their customs procedures, making it easier, faster and cheaper to securely move goods across borders.


Customs officials from APEC economies conducting technical exchanges in Nha Trang, Viet Nam to accelerate implementation of the agreement hailed the news and its implications for fair trade.
As Vu Ngoc Anh, Chair of the APEC Sub-Committee on Customs Procedures, which administers regional policy cooperation within the sector, noted: “Modernizing our customs systems in-line with the agreement will improve goods flows at borders and make it easier for businesses to trade in the region.”
To date, 19 out of 21 APEC economies have ratified the Trade Facilitation Agreement which is projected to increase global trade by up to USD1 trillion annually. Collaborative implementation efforts in APEC are focused on enabling actions such as the deployment of single window systems that provide one location for the filing of regulatory documentation as well as designating Authorized Economic Operators that offer faster customs clearance of goods to qualifying traders and improving these programs.
Parallel emphasis ranges from support for transition from paper-based to electronic processes and the application of information technologies, to managing risk. Complexities include rising e-commerce growth and the challenges it creates for customs and other agencies in controlling the cross-border flow of goods. Officials are moreover sharing guidance on coordination across agencies and business to better orient them to the changing customs environment.
Press-release at the official APEC web-site