WTO Trade Facilitation Agreement enters into force

The WTO has described today's ratification of the Trade Facilitation Agreement (TFA) as a "major milestone for the global trading system".

Full implementation of the TFA is forecast to slash members' trade costs by an average of 14.3 per cent, with developing countries having the most to gain, according to a 2015 study carried out by WTO economists. The TFA is also likely to reduce the time needed to import goods by over a day and a half and to export goods by almost two days, representing a reduction of 47 per cent and 91 per cent respectively over the current average.

The TFA is the first multilateral deal concluded in the 21 year history of the World Trade Organization entered into force. 

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