“The conclusion of this agreement was not only an important achievement in Azevêdo’s first term, but also a historic achievement for the World Trade Organization. Experts estimate that the Trade Facilitation Agreement could reduce worldwide trade costs by approximately 14 per cent,” stressed Lithuania’s Foreign Minister.
The negotiations on the TFA were concluded during the period of Lithuania’s Presidency of the Council of the EU. The implementation of the TFA will enhance export conditions for entrepreneurs in all countries, will facilitate clearance procedures, cut through red tape, increase the availability of information, ensure greater transparency, and significantly reduce trade costs.
In the meeting, Lithuania’s Foreign Minister also expressed Lithuania’s robust support for a strong, rule-based multilateral trading system. Linkevičius pointed out that the WTO was at the core of the system and its smooth functioning dispute settlement system helped not only to effectively address problems rising for countries, but also, despite the growing anti-trade sentiment in the world, increased the WTO members’ confidence in the organization.
Linkevičius stressed that Lithuania particularly valued the WTO’s role in responding to violations of global trade rules. These violations are especially common in small economies that are heavily dependent on foreign trade.
“Lithuania is very interested in the proper implementation of the World Trade Organisation’s rules and commitments. Special attention is given to regional partners. We are also actively engaged in trade-related technical assistance projects and we are willing to continue to take part in this meaningful activity,” said Lithuania’s Foreign Minister.
