1. Press releases
Agreement to Facilitate Trade Among WTO Members
11 June 2014
This article has been migrated from an earlier version of the site and may display formatting inconsistencies.
Agreement to Facilitate Trade Among WTO Members
Singapore has notified the World Trade Organization (WTO) that Singapore will implement all the operational provisions of the WTO's Agreement on Trade Facilitation (ATF) immediately when the ATF comes into force.
The ATF is an agreement among WTO Members that aims to reduce red-tape in cross-border trade by simplifying the customs and border procedures of WTO countries. The ATF was concluded at the WTO's 9th Ministerial Conference in Bali in December 2013, after more than nine years of negotiations. When the ATF is implemented, businesses can expect to see trade costs decrease by 10 to 15 per cent, according to OECD estimates, and a boost to the world economy by more than US$1 trillion, according to the Peterson Institute for International Economics.
Please click here for the full article.
MINISTRY OF TRADE AND INDUSTRY
11 June 2014