trade facilitation

Syllable breakdown

Dictionary meaning

the simplification, modernisation, and harmonisation of export and import procedures, documentation requirements, and customs processes to reduce the time and cost of moving goods across international borders; the WTO Trade Facilitation Agreement, which entered into force in 2017, represents the first multilateral trade deal concluded since the WTO's establishment and focuses on cutting red tape in customs administration; the World Bank and UNCTAD estimate that trade facilitation measures can reduce trade costs by 14 percent for developing countries, making it one of the most cost-effective forms of trade policy for integrating low-income economies into global markets