Cambodia has implemented over 40 percent of the category A provision of the World Trade Organisation (WTO) Trade Facilitation Agreement (TFA) while the category B and category C provisions are focusing on priority reforms, and WTO will be informed about this work in order to mobilise technical assistance in the future.
The information was shared by Cambodian Minister of Commerce H.E. Pan Sorasak while he and U.S. Ambassador to Cambodia H.E. William A. Heidt were presiding over a workshop on Implementing the WTO TFA in Phnom Penh yesterday.
"TFA is the new border-related procedures, processes and other obligations that governments will be required to implement. It will provide transparency of laws, rules and procedures, fairness in border agency decisions, streamlined and simplified clearance procedure, help reduce administrative constrains on goods in transit," H.E. Minister explained.
According to H.E. Pan Sorasak, the full implementation of the Agreement could reduce trade costs globally by an average of 14.3 percent and developing and least developed countries in particular stand to gain from the full implementation of the Agreement as they tend to have a higher level of trade costs.
TFA entered into force in February this year with the provision of 112 ratifications equivalent to the required two thirds of 164 members of the WTO, he added.
Cambodia became the 8th Least Developed Country (LDC) and the 69th WTO member which ratified the Protocol of Amendment to the TFA in December 2015.
Source: Agency Kampuchea Press