The International Chamber of Commerce (ICC)-led coalition for trade facilitation has stressed the need for the ratification and implementation of the Trade Facilitation Agreement (TFA).
According to the coalition, the ratification of TFA would help address the myriad of challenges faced by cross-border traders.
TFA is the simplification and harmonization of international trade procedures and formalities involved in collecting, presenting and processing data required for the movement of goods in international trade.
Emmanuel Doni-Kwame, Secretary General of the ICC, explained that the holistic and efficient implementation of the agreement could significantly help in reducing trade transaction costs.
Speaking to journalists after a sensitization workshop, Doni-Kwame stressed the need for constant update on new developments within the existing multilateral arrangements to the coalition.
The workshop, organized by ICC for members of the Sekondi-Takoradi Chamber of Commerce and Industry (STCCI), a member of the coalition, was aimed among other things at reviewing the Trade Facilitation Agreement.
“There is the need to constantly update businesses on new developments within the existing multilateral arrangements which have an impact on the country’s economic development.
He was optimistic the ratification of the TFA would impact the country’s economic development within the context of globalization.
“Trade facilitation agreement will enhance an efficient logistics chain and positively impact trading relationships,” he added.
He further explained that goods delayed at the country’s borders for days or even weeks slow trade flows and raises costs of businesses that are often passed on to consumers.
He explained that ICC Ghana strongly supports the ratification and implementation of the TFA and is encouraged by African countries that had ratified the agreement which is expected to reduce trade transaction cost.
“It is important that businesses and the general trading public understands what the agreement provides, hence the coming together with initial support from the Business Sector Advocacy Fund (BUSAC),” he noted.
From Emmanuel Opoku, Takoradi