Breaking New Ground: The WTO Agreement on Trade Facilitation: Potential and Perspectives for the Pharmaceutical Industry

Abstract

Recently adopted, the WTO Agreement on Trade Facilitation (TFA) adds fresh momentum to worldwide efforts to speed up the movement, release and clearance of goods across borders. With all required decisions having now been taken in Geneva, preparations are under way to ensure the Agreement’s expeditious entry into force. Once in operation, this ground-breaking treaty will significantly accelerate cross-border trade and reduce related costs. This article analyses the TFA from a pharmaceutical angle, highlighting provisions of particular interest to the industry. It will look at how the new Agreement is likely to impact trade in medical goods and where business stands to benefit. A final segment will review governments’ implementation plans and discuss the road ahead.