The World Trade Organization Trade Facilitation Agreement (TFA) forms part of the Bali Package agreed by members at the Ninth Ministerial Conference in Bali on 3-7 December 2013. The TFA contains provisions for faster and more efficient customs procedures through effective cooperation between customs and other relevant authorities on trade facilitation and customs compliance issues. It also contains provisions for technical assistance and capacity building in this area. The TFA aims at simplifying not only the documentation required to clear goods, but also the procedures employed by border agencies.
According to an ICC-commissioned study by the Peterson Institute for International Economics, the TFA could inject up to $US 1 trillion into the global economy and create 21 million new jobs. Cutting red tape at borders and in customs will speed up supply chains and make it easier for smaller companies and developing countries to integrate into international trade.