|Published : 23 Nov 2016, 20:38:53 | Updated : 23 Nov 2016, 22:20:52|
TFA closer to implementation
90pc of required ratification done
FE Online Report
As Chile and Swaziland have ratified the Trade Facilitation Agreement (TFA), around 90 per cent of the ratification required to bring the agreement into force have been completed.
These two countries become 97th and 98th member of the World Trade Organisation (WTO) to ratify the deal, accepted in the Bali ministerial conference of the organisation in 2013.
TFA contains provisions for expediting the movement, release and clearance of goods, including goods in transit, by simplifying customs procedures across the world. Thus, it will reduce the cost of trade.
Chile's WTO ambassador Héctor Casanueva and Swaziland's WTO ambassador Njabuliso Busisiwe Gwebu submitted their respective country's instrument of acceptance to WTO Director-General Roberto Azevêdo on Tuesday, according to a press statement of the organisation.
The agreement will enter into force once two-thirds of the WTO membership have accepted it formally.
So far, 13 Least Developed Countries (LDCs) including Bangladesh have ratified the agreement.