The World Trade Organization on Thursday approved the full implementation of the Trade Facilitation Agreement.
The World Trade Organization on Thursday approved the full implementation of the Trade Facilitation Agreement, the first multilateral trade agreement in the trade body’s 20-year history.
Last year, at the WTO Ministerial Conference in Bali, Indonesia, efforts to put the TFA in place were dealt a setback in July, when a small group of countries, led by India, raised concerns about food security issues and blocked its implementation.
In recent weeks, the United States and India reached an agreement that paved the way for full implementation of the TFA. The two countries also reached an understanding on the WTO’s food security work.
“The WTO has taken a critical step forward by breaking the impasse that has prevailed since July,” said U.S. Trade Representative Michael Froman in a statement.
“The Trade Facilitation Agreement has the potential to fundamentally reform global customs practices and substantially reduce the costs and time associated with goods crossing borders. It’s a perfect example of how breaking down barriers to trade can unlock new opportunities for developed and developing countries alike, and it’s a particularly important win for small- and medium-sized businesses in all countries,” Froman added.
WTO trade facilitation agreement moves forward