February 22, 2017
WTO Trade Facilitation Agreement Enters into Force
The Trade Facilitation Agreement (TFA), adopted at the Bali Ministerial Conference in 2013, will enter into force after ratification by at least two-thirds of WTO members. It is the first multilateral agreement in the history of the 1995-founded World Trade Organization. Welthandelsorganisation.
By simplifying import and export procedures, customs formalities and transit provisions, the agreement aims to substantially boost global trade. According to WTO forecasts, trade costs could be cut by an average of 14.3%, increasing global trade by over $ 1 billion annually.
The German Alliance for Trade Facilitation plays a key role in the implementation of the agreement. In cooperation with national and international partners from the private and public sector, it realizes projects that benefit both project countries and companies.
More detailed information on the scope of the agreement can be found here.