MANILA: The Philippines recently became the 95th country to ratify the World Trade Organization (WTO) Trade Facilitation Pact after recently depositing its instrument of acceptance, the WTO has announced.
The Philippines’ instrument of acceptance was submitted to the WTO on October 27, meaning that over 86 percent of the ratifications needed for entry into force of the TFA have now been received, the WTO said.
The TFA will create binding commitments across all WTO members to expedite the movement, release, and clearance of goods and improve cooperation among WTO members in customs matters, forming part of international efforts under the Doha Round to cut tax barriers to trade on a global basis.
The agreement contains special provisions that allow developing and least-developed countries (LDCs) to determine when they will implement individual provisions of the agreement and to identify provisions that they will only be able to implement upon the receipt of technical assistance and support for capacity building.
To benefit from the special provisions, an LDC member must submit so-called “Category A,” “Category B,” and “Category C” notifications. The Philippines has submitted its notification to the WTO outlining which substantive provisions of the TFA it intends to implement upon entry into force of the Agreement on July 31, 2014.
According to the WTO, the TFA has the potential to increase global merchandise exports by up to USD1 trillion per annum, with developing countries expected to capture more than half of these gains.
