The Trade Facilitation Agreement (TFA) of the World Trade Organization (WTO) is necessary to country members in enhancing the release and clearance of goods – transit goods inclusive, while making provisions for the fast facilitation of goods transfer and movement. Finalized during the 2013 World Trade Organization conference in Bali, the TFA provides training and in-depth knowledge for members in the sector of trade. The TFA also provide ways to enhance a smooth cooperation between customs and responsible agencies regarding compliance issues with the customs and also trade coordination.
To enjoy the benefits that comes with the TFA, Senegal has ratified the WTO’s TFA being the eleventh Least Developed Country to ratify. The African country through the submission of its Category A notification to the WTO and clearly highlighting the significant aspect of the TFA they intend to operationalize as they come on board with other member countries who have already ratified the TFA.
To make the agreement effective, the WTO will require eighty-five per cent (two-thirds of the WTO membership) of member countries to ratify – upon Senegal’s ratification, almost that target have been met. Effecting the TFA had been described the WTO to have the capacity to boost worldwide commodity trade to whooping 1 trillion USD each year. The WTO report (www.wto.org/tradefacilitation) in 2015, also has is that, it is on a good prospect that developing countries will have a higher profit in the effective operational phase of the TFA as compared to developed countries.
A Trade Facilitation Agreement Facility (TFAF) have been established as part of the projected smooth implementation of the TFA based on a request from developing and least developed country members to help enhance their ability acquire the assistance needed to obtain the best profits of the TFA and to support the overall aim of successful implementation of the new agreement by all members. In view of this, the TFA clearly mentions that assistance and support will be given to help developing and least developed countries to benefit in their best capacity.