WTO TFA ratifications bring deal closer to fruition

The countries of Dominica and Mongolia have become the latest members to ratify the World Trade Organization’s Trade Facilitation Agreement, the global trade body said in a statement.    The World Trade Organization (WTO) said the countries of Dominica and Mongolia have become the latest members to ratify the global trade body’s Trade Facilitation Agreement (TFA).
   The latest ratifications bring total TFA membership to 100 out of 160 member nations, leaving just 10 more needed to bring the agreement into force.
   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, and strengthens technical assistance and capacity building for trade facilitation.
   The TFA will officially enter into force once two-thirds of the WTO membership has formally accepted the agreement. In January, the United States became the third country to ratify the agreement.
   According to the WTO, implementation of TFA is expected to increase global merchandise exports by up to $1 trillion per year.