- Removal of tariffs and other barriers to trade
- Utilization of Information Technology
- Business matchmaking
The World Trade Organization (WTO) defines trade facilitation as the “simplification, modernization and harmonization of export and import processes.” which means removing “red tape” and bureaucratic delays that slow down and increase the cost of cross-border trade.
The simplification of customs practices, modernization of data submissions, and removal of tariffs are meant to allow small and mid-sized enterprises (SMEs)-which are a large part of most economies-to, to take a more active role international trade. Since cost is one of the biggest barriers to participation, trade facilitation efforts have the greatest impact on developing countries.