Russian Federation ratifies Trade Facilitation Agreement

The Russian Federation has become the 77th WTO member to ratify the new Trade Facilitation Agreement (TFA). The Russian Federation’s Minister of Economic Development, Alexey Ulyukaev, met with Director-General Roberto Azevêdo on 22 April and presented his country’s TFA instrument of acceptance

“I was very happy to meet with Minister Ulyukaev today and receive Russia’s instrument of acceptance,” DG Azevêdo said. “The WTO’s Trade Facilitation Agreement is particularly important for such a large nation bridging two continents. Trade facilitation can help Russia expand its trade relations and diversify its economy by significantly reducing the time and costs of moving goods across its many borders.”

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.

This has been excerpted from a 22 April 2016 news item by the World Trade Organization and is available in its entirety at:
https://www.wto.org/english/news_e/news16_e/fac_22apr16_e.htm