Trade Facilitation Agreement submitted for ratification by the Verkhovna Rada of Ukraine
posted
23 October 2015
11:41
October 20, 2015 the President of Ukraine introduced to the Verkhovna Rada of Ukraine draft Law on the ratification of the Protocol amending the Marrakesh agreement establishing the World Trade Organization, aimed to ensure implementation by Ukraine of internal procedures necessary for the entry into force of the Trade Facilitation Agreement. The document was drafted by the Ministry of Economic Development and Trade of Ukraine.
The ratification of the Protocol and application of the Agreement would enable reduction of time and costs of customs control, improving the transparency and efficiency of state agencies activities, encouraging the development of small and medium-sized businesses.
Deputy Minister, Trade Representative of Ukraine Natalia Mykolska noted: "This step is among those of topmost importance in a series of Government reforms in international trade designed to improve Ukraine's performance in the rankings related to the ease of doing business, as well as to serve a positive signal to international trade players".
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The provisions of
the Agreement on Trade Facilitation are called to simplify customs procedures, in particular, by reducing the
associated financial costs and cutting time of such procedures, the promotion of a wider application of a “single window" system, procedures of an accelerated dispatch of goods, openness of public authorities and reducing corruption. According to the OECD, implementation of the
Agreement by Ukraine would afford to reduce
trade costs associated with the implementation of foreign trade activities by over 15%. "In the future, implementation by Ukraine of the provisions of the Trade Facilitation Agreement
should contribute
to reduction of expenses for doing business and, as a
consequence, increasing the competitiveness of Ukrainian products in
international markets and growing domestic exports", explained Natalia Mykolska. As of 21 October 2015, the Agreement was ratified by 50 WTO members (out of 161), among which the USA,
Switzerland, Japan, Korea, China, Taiwan, Hong Kong, Singapore, Malaysia,
Thailand, Australia, New Zealand, the European Union and 28 member countries of
the EU. The agreement will enter into force after its ratification by two
thirds of WTO members. |