WTO's TFA Reaches 91% Ratification Among Members

The Trade Facilitation Agreement reached a 91% ratification rate among World Trade Organization members three years after it was introduced, according to a Feb. 22 news release from the WTO. The TFA, which applies only to WTO members who accept it, has the “potential” to “slash members' trade costs by an average” of about 14.5%, the WTO said. It reduces “time needed to import and export goods” and helps “expedite the movement, release and clearance of goods across borders.” As the TFA’s implementation rate increased, WTO members have shared information to help traders within the agreement understand varying import, export and transit procedures and the use of customs brokers, single windows and customs contact points, the WTO said.