WTO’s Trade Facilitation Agreement enters into force to boost global economy by $1trn
A major milestone for the global trading system was reached on 22 February 2017 when the first multilateral deal concluded in the 21 year history of the World Trade Organization entered into force. In receiving four more ratifications for the Trade Facilitation Agreement (TFA), the WTO has obtained the two-thirds acceptance of the agreement from its 164 members needed to bring the TFA into force. The multilateral deal will see burdensome red tape associated with exporting goods cut in 110 countries, potentially boosting global trade by $1trn (£800bn) each year, according to a previous WTO study. WTO director-general Roberto Azevêdo, said: “We can now start implementing the agreement, helping to cut trade costs around the world, and kick start technical assistance work to help poorer countries with implementation.