Third anniversary of Trade Facilitation Agreement sees increasing implementation rate

In the middle of trade wars, increased protectionism and a virus effecting global trade, we celebrate the third anniversary of the WTO Trade Facilitation Agreement that sees an increasing implementation rate. There is hope.

Three years since the Trade Facilitation Agreement (TFA) entered into force on 22 February 2017, WTO members have continued to make steady progress in its implementation. Director-General Roberto Azevêdo, on the occasion of the TFA’s third anniversary, welcomed members’ efforts to ensure traders can reap the full benefits of the Agreement.

The TFA, the first multilateral deal concluded in the 25-year history of the WTO, contains members’ commitments to expedite the movement, release and clearance of goods across borders. As of the TFA’s third anniversary, 91% of the membership have already ratified the Agreement. It entered into force three years ago when the WTO obtained the two-thirds acceptance of the Agreement from its 164 members.

“Through this landmark reform, WTO members are working to ensure that the global trading system creates more prosperity for people,” Director-General Roberto Azevêdo said. “Delivering easier and faster trade through the TFA is a bright spot in international economic relations. WTO members are building upon the Agreement with continued cooperation and commitment.”

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Source: WTO