OREANDA-NEWS. The provisions of the Agreement on Trade Facilitation are called to simplify customs procedures, in particular, by reducing the associated financial costs and cutting time of such procedures, the promotion of a wider application of a “single window" system, procedures of an accelerated dispatch of goods, openness of public authorities and reducing corruption.

According to the OECD, implementation of the Agreement by Ukraine would afford to reduce trade costs associated with the implementation of foreign trade activities by over 15%.

"In the future, implementation by Ukraine of the provisions of the Trade Facilitation Agreement should contribute to reduction of expenses for doing business and, as a consequence, increasing the competitiveness of Ukrainian products in international markets and growing domestic exports", explained Natalia Mykolska.

As of 21 October 2015, the Agreement was ratified by 50 WTO members (out of 161), among which the USA, Switzerland, Japan, Korea, China, Taiwan, Hong Kong, Singapore, Malaysia, Thailand, Australia, New Zealand, the European Union and 28 member countries of the EU. The agreement will enter into force after its ratification by two thirds of WTO members.