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TIR Convention bringing benefits not only to landlocked countries and developing countries but also to underdeveloped ones. Photo for illustration.
Delegates to the event focused discussion on stepping up the implementation of the WTO Trade Facilitation Agreement and Customs Convention on International Transport of Goods under Cover of TIR Carnet.

Mr. Mahmoud Mohieldin, Senior Vice President of the World Bank (WB) for the 2030 Development Agenda, United Nations Relations, and Partnerships, stated that it is needed for internal cooperation within countries to boost the implementation of the WTO Trade Facilitation Agreement. The lacks of information sharing and close coordination within a country will slow down the momentum of the agreement implementation, negatively affecting social communities, especially businesses, he clarified.

The WB senior official affirmed that the WTO Trade Facilitation Agreement that was officially kicked off from February 22, 2017, has marked a milestone in the global trade system. Based on the agreement, nations and international organizations could work out various programs with measures to back trade of the agreement participating countries for the final goals of eliminating hunger and reducing poverty, and bringing prosperity to all nations.

Highlighting benefits for nations when joining the Customs Convention on International Transport of Goods under Cover of TIR Carnet (TIR Convention), Mr. Jens Hugel, Head of the Sustainable Development and Goods Transport Division at the International Road Transport Union, revealed that results of research projects by the International Road Transport Union (IRU) show that 57% of the transport time has been wasted at customs checkpoints. He said, TIR Convention brings benefits not only to landlocked countries and developing countries but also to underdeveloped ones.

Joining the convention will help underdeveloped countries save US$ 35 billion of transit fees and increase their GDP by 0.14%-1.31%, in five year’ time, he concluded.

Source: TTXVN

Translated by Thu Nguyen