"EU customs authorities will play a leading role in the implementation of the agreement, acting both as an example to follow and as an engine for further progress in trade facilitation within the EU and at international level," the press release on the official European Commission website read.
According to the statement, the agreement is designed to simplify and clarify international import and export procedures, customs formalities and transit requirements.
"Better border procedures and faster, smoother trade flows will revitalise global trade to the benefit of citizens and businesses in all parts of the world. Small companies, that have a hard time navigating daily bureaucracy and complicated rules, will be major winners," EU Commissioner for Trade Cecilia Malmstrom was quoted as saying in the press release.
The TFA is expected to make trade-related administration easier and less costly, thus helping to provide an important boost to global economic growth. The agreement will also help improve transparency, increase possibilities for small and medium-sized companies to participate in global value chains, and reduce the scope for corruption.
"Trade is a key driver for sustainable development. The new agreement will help tapping the huge potential of trade. I am ready to assist our partner countries to make the most of this agreement," EU Commissioner for International Cooperation and Development Neven Mimica added.
In December 2013, the European Union allocated 400 million euros (over $420 million) to assist developing countries with the reforms needed to comply with the rules set by the agreement and draw full benefits of the trade facilitation.
WTO members concluded negotiations on the TFA at the Ninth Ministerial Conference which took place in Bali, Indonesia, in 2013. The TFA entered into force on February 22 after it had been ratified by two-thirds of WTO members, namely 110, the number required for the agreement to become effective immediately.
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