February 22 | By: Alex Gray.
It’s billed as the deal that will make trade “faster, easier and cheaper”. As the Trade Facilitation Agreement (TFA) enters into force, here’s a closer look at what it is, and why it matters.
What’s the TFA?
The Trade Facilitation Agreement is a new agreement reached by members of the World Trade Organization (WTO) in order to make trade easier.
It’s been a long time coming. The idea was first discussed as far back as 1996, but it wasn’t until 2013 that WTO members agreed on the wording of the agreement.
By November 2014, WTO members were ready to insert the new agreement into the general WTO Agreement.
The WTO says that the TFA will boost global exports by $1 trillion through streamlining, simplifying and standardizing customs procedures.
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