Czech Republic gives CZK 550,000 to support implementation of Trade Facilitation Agreement
The Czech Republic has contributed CZK 550,000 (approximately CHF 22,000) in 2020 to help developing countries and least-developed countries (LDCs) implement the WTO’s Trade Facilitation Agreement in support of the objective of achieving full implementation of the Agreement by all WTO members.
This contribution to the Trade Facilitation Agreement Facility (TFAF) will finance capacity-building needed by developing countries to implement the Agreement. The TFAF assists these countries in assessing their specific needs and in identifying partners to fund capacity-building activities. To date, 153 members have ratified the Agreement, representing 93% of the membership.
Deputy Director-General Yi Xiaozhun, who oversees market access matters in the WTO, said: “The Czech Republic's new contribution is very welcome. It will play an essential role in helping developing countries and LDCs build sustainable trade-related capacity so that they may implement the WTO's Trade Facilitation Agreement. By cutting the time and cost involved in moving goods across borders, the Agreement will generate significant new trading opportunities for these countries.”
The Czech Republic's WTO Ambassador, Petr Gajdušek, said: “The COVID-19 pandemic has underlined the need for rapid, safe and resilient cross-border supply chains. The Trade Facilitation Agreement aims to achieve this. Supporting LDCs and developing countries in implementing the Agreement is essential so that they may increase their participation in world trade and further integrate into the global economy.”
This is the Czech Republic's first donation to the TFAF. Overall, the Czech Republic has donated over CHF 360,000 (CZK 8.8 million) to various WTO trust funds over nearly 20 years.