Socialists and Democrats in the European Parliament today approved a breakthrough agreement at the World Trade Organisation (WTO) to tackle corruption and inefficiency in global trade.
 
The Trade Facilitation Agreement (TFA), negotiated by developed and developing countries in the WTO, aims at modernising customs procedures to make it easier for exporters to comply with border measures.
 
This is the first multilateral agreement reached under the WTO since its creation in 1995. It seeks to simplify document requirements, promote electronic payments and increase the publication of accessible information on customs laws, in order to make global trade more transparent. Funding and technical assistance will be provided to help developing countries implement the agreement.
 
S&D MEP and shadow rapporteur Nicola Danti said:
 
"The ratification of the TFA shows that the European Union is still strongly committed in the advancement of the multilateral agenda with the objective to work for fairer and more open trade.
 
"The TFA assumes a great importance because of its innovative approach towards the least developed and developing countries. They will benefit from Special and Differential Treatment (SDT) measures tailored to their effective capacity to implement the agreement. The success of the TFA will surely depend on that flexibility.

"The greater transparency that TFA will bring will lead to a higher level of security and will be a strong incentive for the intensification of trade."
 
David Martin MEP, S&D spokesperson on international trade said:
 
"This agreement has breathed new life into the WTO, and reaffirmed our belief that the multilateral arena remains the best forum for global trade rules.
 
"Developing countries are often losing substantial money and opportunities with burdensome border procedures and corruption. This agreement can support a thorough modernisation of customs procedures to stimulate and promote international trade.
 
"With European Parliament approval, the Commission must now ratify the Agreement on behalf of the EU at the next WTO Ministerial Conference in December. We are also calling on the Commission to encourage other WTO members to be ready to ratify as quickly as possible, and to provide the technical assistance necessary for developing countries to implement and benefit from this agreement."