Once TFA finalized, trade costs to drop by 13-15%: official

TEHRAN, Jan. 20 (MNA) – A Member of Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) Mehdi Bakhshandeh said that once the Trade Facilitation Agreement (TFA) is enforced, trade and business costs will be reduced by 13 to 15 percent.

He made the remarks on Sun. in the 6th meeting of ICCIMA Representatives Board and added, “effective steps have recently been taken for facilitating trade between member states of World Trade Organization (WTO)."

It has been for more than 11 years since the Trade Facilitation Agreement (TFA) was compiled by the international experts in 2006 and came into effect in 2017.

He went on to say that this agreement enjoys high potential for reducing current costs and increasing the volume of trade exchange between countries.

Bakhshandeh pointed to the feasibility study conducted by the Organization for Economic Cooperation and Development (OECD) and added, “this study shows that TFA has decreased the trade and business costs between 12.5 to 17 percent.”

Turning to one of the paragraphs stipulated in Trade Facilitation Agreement (TFA), he stated, “this paragraph obliges all countries to set up a National Trade Facilitation Committee. Given the fast-paced changes in the world, any law should be revised after some years.”


News Code 154738


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