{"id":74818,"date":"2023-11-13T00:00:00","date_gmt":"2023-11-13T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/logistics\/2023\/11\/13\/uk-allocates-gbp-250k-to-egypts-implementation-plan-for-the-wtos-trade-facilitation-agreement\/"},"modified":"2023-11-13T00:00:00","modified_gmt":"2023-11-13T00:00:00","slug":"uk-allocates-gbp-250k-to-egypts-implementation-plan-for-the-wtos-trade-facilitation-agreement","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/logistics\/2023\/11\/13\/uk-allocates-gbp-250k-to-egypts-implementation-plan-for-the-wtos-trade-facilitation-agreement\/","title":{"rendered":"UK allocates GBP 250k to Egypt\u2019s implementation plan for the WTO\u2019s trade facilitation agreement"},"content":{"rendered":"

The UK has allocated GBP 250k in funds to implement the World Trade <\/strong>Organization\u2019s<\/strong> trade facilitation agreement (TFA) in Egypt<\/strong>, <\/strong>according to a UNCTAD statement<\/a>. increasing Egypt\u2019s trading capacity and trade revenues. The program focuses on fostering capacity-building by improving the country's capability to respond to future trade-related crises, and boosting digitalization of trade procedures through the implementation of UNCTAD\u2019s reform tracker<\/a>. The reform tracker is a web-based project management and monitoring tool used to measure trade facilitation reforms.<\/p>\n

What's the TFA?<\/strong> Talks between WTO members had culminated<\/a> in the TFA in Bali in 2013, which outlines provisions to help member countries reduce red tape and streamline trade and customs procedures. <\/p>\n

A boon for Egypt\u2019s trade reform plans: <\/strong>Egypt had ratified the agreement in 2019 and has implemented 23% of the provisions as of last month, according to data from the WTO TFA database. It aims to fully implement the provisions of the agreement by 2025.<\/p>\n

What they said: <\/strong>\u201cThis project comes at a very timely juncture,\u201d Iman Refaat, undersecretary of the Egyptian Ministry of Trade and Industry, said. \u201cWe are confident that these [trade facilitation] reforms will revolutionize our trade landscape, fostering efficiency, transparency and prosperity, with UNCTAD's expertise steering our agenda.\"<\/p>\n

OTHER TRADE FINANCE NEWS- <\/strong><\/p>\n

Afreximbank has dedicated USD 1 bn to a new system for managing cross-border <\/strong>trade in Africa<\/strong>, during the Intra-African Trade Exhibition in Cairo, Egypt, according to a statement<\/a>. An additional USD 30k will be allocated towards supporting innovations targeted at enhancing trade and facilitating the movement of goods on the African continent.<\/p>\n

The details:<\/strong> The bank joined the Common Market for Eastern and Southern Africa (COMESA) in 2021 to facilitate the establishment of the cross-border system, which includes the issuance of bonds that can transform the continent into an integrated market. <\/p>\n","protected":false},"excerpt":{"rendered":"

The funds will go towards measures that can boost Egypt\u2019s progress on the WTO\u2019s trade facilitation program<\/p>\n","protected":false},"author":1,"featured_media":74819,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[642],"tags":[193,49,17,32,641,46,267],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-74818","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-trade-finance","tag-customs","tag-egypt","tag-enterprise-logistics","tag-trade","tag-trade-finance","tag-uk","tag-world-trade-organization","wpautop","entry"],"acf":{"mongo_id":"17988707-30bb-4d8f-b3d2-3bcc8a4732d0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/11\/571.jpg","photo_position":"above","homepage_title":"","full_issue_title":"UK allocates GBP 250k to Egypt for WTO trade program implementation + Afreximbank launches trade management system","related_issue":[74811],"teaser":"The funds will go towards measures that can boost Egypt\u2019s progress on the WTO\u2019s trade facilitation program","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/11\/.4895e432-b966-4a80-b5c2-670ec62dd459.mp3"},"yoast_head":"\nUK allocates GBP 250k to Egypt\u2019s implementation plan for the WTO\u2019s trade facilitation agreement - Logistics<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/logistics\/2023\/11\/13\/uk-allocates-gbp-250k-to-egypts-implementation-plan-for-the-wtos-trade-facilitation-agreement\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UK allocates GBP 250k to 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