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Trade Facilitation Agreement (TFA)
Trade Facilitation Agreement (TFA)
The Trade Facilitation Agreement (TFA) simplifies and streamlines international trade procedures. It reduces red tape and enhances efficiency in customs processes. The agreement, enacted by the World Trade Organization, includes measures like the standardization of customs forms, electronic payment options, and expedited shipments for perishable goods. Specific examples include the pre-arrival processing of documents and the use of risk management systems. The TFA aims to cut trade costs by approximately 14.3% and boost global trade significantly.