From: CUTS International
From vision to reality: event celebrates success of the Trade Facilitation Agreement
World Trade Organisation
June 02, 2017
Participants who played a key role in negotiating the new Trade Facilitation Agreement (TFA) joined WTO members and others on 2 June to celebrate the Agreement’s entry into force and to discuss the challenges in securing its implementation in the coming years.
In a video message to the commemorative event, WTO Director-General Roberto Azevêdo described the TFA as a “ground-breaking” deal which represented “the greatest trade reform for a generation”.
The Agreement “was a truly historic breakthrough”, DG Azevêdo declared. “As the first multilateral deal since the WTO was created in 1995, the TFA demonstrated beyond doubt that the WTO can deliver.”
By expediting the movement, release and clearance of goods across borders, the TFA will have a significant economic impact, potentially reducing trade costs globally by an average of 14.3 per cent, DG Azevêdo noted. These gains would be bigger than the elimination of all existing tariffs around the world, with the poorest countries accruing most of the gains.
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