Customs deal helps propel exports by setting global standards
UPS (NYSE: UPS), commends the 110 countries who ratified the Trade Facilitation Agreement (TFA), a pact that will raise standards for customs processing and allow exports to reach their destinations more quickly and efficiently.
“TFA ushers in a new customs framework, making businesses more competitive and facilitating their growth through exports,” said David Abney, UPS Chairman and CEO. "By creating smarter rules that simplify how goods cross borders, this agreement will streamline the flow of commerce to meet the demands of the 21st-century economy.”
Once TFA is fully implemented, small and large businesses will have better access to new markets. The agreement is expected to reduce the cost of trade by 14 percent, and significantly reduce delivery times with harmonized rules that will apply to more than 90 percent of the world’s consumers. TFA sets new standards, including digital processing of shipment data and more effective security clearance processes that will facilitate more exports across borders.
“More than ever, UPS customers are looking to connect to markets around the globe. TFA means simplified border clearance and improved access to foreign markets, which will help companies, particularly small and medium-sized enterprises, to expand in the age of e-commerce,” Abney added.
UPS will continue to work with partners in both the public and private sectors to help meet key TFA provisions, particularly in developing countries that require a bigger investment in customs infrastructure to reach the agreement’s higher standards.
UPS (NYSE: UPS), commends the 110 countries who ratified the Trade Facilitation Agreement (TFA), a pact that will raise standards for customs processing and allow exports to reach their destinations more quickly and efficiently.
“TFA ushers in a new customs framework, making businesses more competitive and facilitating their growth through exports,” said David Abney, UPS Chairman and CEO. "By creating smarter rules that simplify how goods cross borders, this agreement will streamline the flow of commerce to meet the demands of the 21st-century economy.”
Once TFA is fully implemented, small and large businesses will have better access to new markets. The agreement is expected to reduce the cost of trade by 14 percent, and significantly reduce delivery times with harmonized rules that will apply to more than 90 percent of the world’s consumers. TFA sets new standards, including digital processing of shipment data and more effective security clearance processes that will facilitate more exports across borders.
“More than ever, UPS customers are looking to connect to markets around the globe. TFA means simplified border clearance and improved access to foreign markets, which will help companies, particularly small and medium-sized enterprises, to expand in the age of e-commerce,” Abney added.
UPS will continue to work with partners in both the public and private sectors to help meet key TFA provisions, particularly in developing countries that require a bigger investment in customs infrastructure to reach the agreement’s higher standards.
