MOSCOW, November 20 (Sputnik) — The European Commission on Thursday announced the launch of the Trade Facilitation Support Program (TFSP), which will help developing countries streamline global customs rules as planned by the World Trade Organization (WTO).
"The European Commission, together with other donors, today will launch the implementation of the Trade Facilitation Support Programme to help developing countries modernise their border procedures and draw maximum benefit from the recent WTO Agreement on customs matters," the EU's executive body said on its website.
In December 2013, the WTO struck a Trade Facilitation Agreement (TFA) at the ministerial conference in Bali. The treaty is aimed at lowering trade barriers worldwide and is considered a milestone for the 160-member organization, marking the first global agreement since the WTO was established in 1995.
The TFSP was devised to help developing countries on the way toward the effective implementation of trade facilitation reforms planned by the WTO. But a row between India and the United States earlier this year put the reform on hold after India vetoed the plan demanding concessions on agricultural stockpiling. A compromise deal with New Delhi last week allowed the WTO to go ahead with its initiative.
The European Union has contributed 10 million euros (more than $12.5 million) to the TFA plan, which is roughly one third of current financial envelope. So far, 30 developing countries have "requested support in reforming their customs in line with the Trade Facilitation Agreement," the European Commission said.
