Colombia’s entailment to the Trade Facilitation Agreement of the World Trade Organization (WTO) began to take effect on August 6, 2020. That date, Colombia deposited the instrument of acceptance before the WTO. The Agreement was ratified in Colombia country and included through Law 1879 of 2018 and Constitutionality ruling C-494 of 2019.
The Trade Facilitation Agreement was created to improve and fill some gaps in the General Agreement on Tariffs and Trade (GATT), seeking the simplification of trade documents, facilitation of trade in the dispatch of merchandise to through the simplification of customs procedures, modernization of customs procedures, cost reduction with the digitization and presentation of customs documents and their supporting documents electronically, among others.
The WTO estimates that the adoption of this Agreement, world trade costs will be reduced by more than 14%. Thus, increase the annual trade by about one trillion dollars. One of Colombia’s National Government pillars is the country’s public foreign trade policy, as a determining tool for trade facilitation and multilateralism, with international trade being a determining factor for post-pandemic economic recovery and reactivation.
We hope this information is beneficial to you.