Concerted efforts have been made by Vietnam to fully implement commitments under the World Trade Organisation (WTO)’s Trade Facilitation Agreement (TFA), it was revealed at a conference held in northern province of Lao Cai province on May 18.
In his opening remarks, Vu Ngoc Anh, Deputy Director General of Vietnam Customs, said that the agreement contains provisions for expediting the movement, release and clearance of goods.
He highlighted that it also sets out measures for effective cooperation between customs departments and other appropriate authorities on trade facilitation and customs compliance issues.
Nguyen Toan, head of Vietnam Customs’ International Cooperation Department, highlighted that Vietnam has implemented 15 commitments from the Category A list.
The country is preparing to establish a national committee on trade facilitation or an equivalent mechanism in line with the TFA’s requirements.
Relevant ministries are fulfilling documents related to Category B and C to submit for the Government’s approval and for the records of the WTO.
Categories B and C comprise of 23 provisions about things such as information announcements, facilitating trade conditions for prioritised enterprises, online payments and risk management.
The TFA will help reduce trade costs while giving opportunities for governments to create jobs and increase income for their residents, Toan said, underscoring that it also helps enterprises shoot up their competitiveness, boost production and enlarge their markets.
At the event, Peter Bennett, advisor on trade facilitation from the USAID Governance for Inclusive Growth (GIG) programme said that USAID will give guidance for developing and underdeveloped countries to evaluate technical support demands and build capacity.
According to the Organisation for Economic Cooperation and Development (OECD), the ATF is expected to reduce trade expenditure by 14.5% for low-income countries, 15% for lower middle-income countries and 13.2% for upper middle-income countries.