Lao PDR ratifies Trade Facilitation Agreement

The Lao People’s Democratic Republic has become the 18th WTO member to formally accept the WTO’s Trade Facilitation Agreement (TFA). Mrs. Khemmani Pholsena, Minister of Industry and Commerce, submitted Lao PDR’s instrument of acceptance of the TFA to WTO Director-General Roberto Azevêdo on September 29, 2015.
In their meeting, DG Azevêdo and Minister Pholsena highlighted the importance of the TFA in reducing trade costs. Lao PDR is the second Least Developed Country (LDC) to ratify the TFA.
Concluded at the WTO’s 2013 Bali Ministerial Conference, the TFA contains provisions for expediting the movement, release and clearance of goods, including goods in transit. It also sets out measures for effective cooperation between customs and other appropriate authorities on trade facilitation and customs compliance issues. It further contains provisions for technical assistance and capacity building in this area.
The TFA will enter into force once two-thirds of the WTO membership has formally accepted the Agreement. In addition to Lao PDR, the following WTO members have accepted the agreement: Hong Kong China, Singapore, the United States, Mauritius, Malaysia, Japan, Australia, Botswana, Trinidad and Tobago, the Republic of Korea, Nicaragua, Niger, Belize, Switzerland, Chinese Taipei, China, and Liechtenstein.
A Trade Facilitation Agreement Facility (TFAF) was also created at the request of developing and least-developed country members to help ensure that they receive the assistance needed to reap the full benefits of the TFA and to support the ultimate goal of full implementation of the new agreement by all members.
Press-release at the official WTO web-site