The protocol was signed by Ukraine 27 November 2014 in Geneva, and provides for the inclusion in Annex 1A of the Marrakesh Agreement Establishing the World Trade Organization Agreement on Trade Facilitation.
Ratification of the Protocol provides for the accession of Ukraine to the WTO Agreement on Trade Facilitation, followed by a phased implementation of its provisions.
According to the explanatory note to the document, the implementation of the agreement aimed at simplifying customs procedures, in particular by reducing the associated financial costs and reduction of the time of such procedures, reducing corruption and the introduction of advanced technologies.
According to the OECD, it is expected that the benefits of the global economy (including Ukraine) on the implementation of the agreement will be $ 0.4 – $ 1 trillion as a result of the reduction to 15% of the costs associated with the implementation of foreign trade, an increase in turnover and revenues.
According to the calculations the Ministry of Economic Development of Ukraine, today Ukraine has introduced a significant portion (2/3) of the provisions of the agreement, therefore, the economic advantages of the private sector will significantly exceed the costs that may arise in the process of implementation by Ukraine of the provisions of the agreement. In addition, the agreement provides for the provision of assistance to developing and least developed countries to upgrade their infrastructure, training of customs employees.
(Business in Ukraine - News)
We will send you articles keeping you up to date with the latest trends and developments in accounting, taxation or legal fields.