WTO’s Trade Facilitation Agreement Takes Effect

On February 22, 2017, the World Trade Organization (WTO) obtained two-thirds acceptance from the 164 member countries to bring the Trade Facilitation Agreement (TFA) into force. The goal of this agreement is to quicken trade across borders and boost the commercial activities between member nations.

About this agreement, WTODirector-General Roberto Azevêdo stated:

“This is fantastic news for at least two reasons. First, it shows Members’ commitment to the multilateral trading system and that they are following through on the promises made in Bali. Second, it means we can now start implementing the Agreement, helping to cut trade costs around the world. It also means we can kick start technical assistance work to help poorer countries with implementation.

“But this is not the end of the road. The real work is just beginning. This is the biggest reform of global trade in a generation. It can make a big difference for growth and development around the world. Now, working together, we have the responsibility to implement the Agreement to make those benefits a reality.”

For more information about this agreement, please visit the WTO’s Trade Facilitation Agreement site.

If you have questions about how this could impact your business, reach out to Buckland today.