These reforms will increase transparency and efficiency, reduce bureaucracy and corruption, and ultimately make trade simpler, faster and cheaper. Overall, reforms have the potential to reduce trade costs by an average of 14.3% and create about 20 million jobs, especially in developing countries. The TFA is a unique opportunity to promote development goals such as sustainable growth, the fight against poverty and gender equality. 4.1 Members strive to establish or maintain a single time window allowing economic operators to provide participating authorities or agencies with documents and/or data requirements for the importation, export or transit of goods through a single port of entry. After reviewing the documentation and/or data by the relevant authorities or agencies, the results are communicated to applicants in a timely manner through the single window. The Trade Facilitation Agreement (TFA) is a binding multilateral trade agreement between members of the World Trade Organization (WTO). The TFA was completed in December 2013 and officially entered into force in February 2017. The agreement aims to remove trade barriers resulting from heavy border requirements. These barriers prevent businesses of all sizes from operating internationally, but they are most detrimental to small and medium-sized enterprises. Full implementation of FTAs is estimated to reduce trade costs by an average of 14.3% and boost world trade by up to $1 trillion per year, with the highest growth in the poorest countries. For the first time in the history of the WTO, the implementation of the agreement is directly linked to the country`s ability to do so. A Trade Facilitation Mechanism (TFAF) has been set up to ensure that developing and least developed countries receive the assistance they need to take full advantage of the benefits of the TFA.
Each member organises regular consultations, if necessary, between its border agencies and its distributors or other stakeholders in its territory. 1.5 The Committee maintains close contacts with other international trade facilitation organizations, such as the WCO, in order to obtain the best possible recommendations for the implementation and management of the agreement and to avoid unnecessary duplication.