Belmopan- The Directorate General for Foreign Trade (DGFT) encourages Belizeans to take a look at how the World Trade Organization (WTO) Trade Facilitation Agreement (TFA) will benefit traders by cutting red-tapes at the border.
Developing countries, like Belize, have the most to gain from full implementation of the TFA, which can boost growth by 3.5% for exports. It is also estimated that full implementation will reduce global trade costs by an average of 14.3%
Belize ratified the WTO Agreement on Trade Facilitation (TFA) on September 2nd 2015, becoming the thirteenth country to do so. The TFA entered into force on February 22nd, 2017. According to information from the GOB, Belize has implemented about 33% of the FTA to date.
Some concrete benefits of the FTA to traders are a shortening of the release and clearance of goods at the border, the harmonization of processes and standards and automation and e-services becoming available to traders doing business with other countries.