MOCI - Ministry of Commerce and Industry of the Republic of Liberia

08/13/2019 | Press release | Distributed by Public on 08/13/2019 09:26

Liberia to Accrue $US40 Million Upon TFA Ratification

Flag of the Republic of Liberia
Photo Credit: ITSSD

Press Releases: Monday: August 12, 2019: The Liberian government stands to reap $40 Million United States Dollars in benefits from several international institutions upon the ratification of the Trade Facilitation Agreement (TFA).

The Trade Facilitation Agreement Bill is one of several instruments recently submitted to the Legislature by President George Manneh Weah for Ratification.

Commerce and Industry Minister, Prof. Wilson K. Tarpeh, said the Trade Facilitation Agreement is one of the key components of the World Trade Organization, intended to attract huge investment through effective business climate.

Professor Tarpeh, addressing a news conference over the weekend said the amount will be provided by the international community, including the International Monetary Funds (IMF) and the World Bank.

A Commerce Ministry release quotes Minister Tarpeh as indicating further that once Liberia ratifies the Trade Facilitation Agreement document, currently before the Legislature for consideration, Liberia will be a proud recipient of the $40m United States Dollar financial support. The idea will also yield a lot of other benefits, including capacity-building facilities.

The World Trade Organization (WTO) has set August 19, 2019 as the deadline for the Trade Facilitation Agreement.

The Commerce and Industry Minister said Liberia is committed to satisfying the standards set by the WTO for every business climate of member countries.

Prof. Tarpeh named the criteria as predictability of the business environment, stability and that such business environment must have standards that are on par with others across the globe.

He called on Liberians to be mindful of practices in the business sector that have the propensity to scare away investors.

Liberia acceded to the World Trade Organization in 2016, after its Memorandum of Foreign Trade Regime was endorsed as a result of constructive engagements with relevant stakeholders, and is now the 163rd member of the WTO.

At the same time the Commerce and Industry Minister is commending President George Manneh Weah for the submission of the Trade Facilitation Agreement Bill to the Legislature, and described the President's decision as a demonstration of his commitment to an effective and attractive business climate for Liberia.

Jacob N.B. Parley
Communications Director