Major milestone for the global trading system was reached on February 22, 2017 when the first multilateral deal concluded in the 21 year history of the World Trade Organization entered into force.
In receiving four more ratifications for the Trade Facilitation Agreement (TFA), the WTO has obtained the two-thirds acceptance of the agreement from its 164 members needed to bring the TFA into force.
Implementing the TFA is also expected to help new firms export for the first time. Moreover, once the TFA is fully implemented, developing countries are predicted to increase the number of new products exported by as much as 20%, with least developed countries (LDCs) likely to see an increase of up to 35%, according to the WTO study.
Source: Ministry of Economy
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