WTO’s Trade Facilitation Agreement gains two members

The World Trade Organization said Peru and Saudi Arabia have become the latest members to ratify the global trade body’s Trade Facilitation Agreement.    The World Trade Organization (WTO) said Peru and Saudi Arabia have become the latest members to ratify the global trade body’s Trade Facilitation Agreement (TFA).
   “The submission of the instruments of acceptance means that more than 80 percent of the ratifications needed to bring the TFA into force have now been received,” the WTO said.
   Concluded at the WTO’s 2013 Bali Ministerial Conference, the TFA contains provisions for expediting the movement, release and clearance of goods, including goods in-transit. It also sets out measures for cooperation between customs administrations on trade facilitation and compliance issues. It strengthens technical assistance and capacity building for trade facilitation.
   The TFA will enter into force once two-thirds of the WTO membership has formally accepted the agreement. With the acceptance by Peru and Saudi Arabia, the number of TFA ratifications now stands at 89 out of 160 WTO members. In January, the United States became the third country to ratify TFA.
   According to the WTO, implementation of TFA is expected to increase global merchandise exports by up to $1 trillion per year.