Nepal ratifies Trade Facilitation Agreement
The TFA will come into force if it is ratified by two more WTO members. According to the Protocol of Amendment adopted by WTO member on November 27, 2104, TFA will come to force once two-thirds of the WTO membership formally ratifies the agreement.
Nepal's WTO ambassador Deepak Dhital submitted the country's instrument of acceptance to WTO Director-General Roberto Azevêdo on Wednesday. The parliament had ratified the TFA last week. Nepal is the 14th least developed country (LDC) to ratify the agreement.
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. ■