GCTL8.com (FocusAsia Media Ltd)

LONDON, Feb 24 (FAM) – Freight forwarding and logistics representatives have welcomed the “historic” implementation of the World Trade Organization’s multilateral trade facilitation agreement (TFA), which promises to streamline, simplify and standardise customs procedures and cut trade costs around the world.

The International Federation of Freight Forwarders Associations (FIATA), said its members were rejoicing at the TFA’s entry into force after ratification from four additional countries yesterday (Rwanda, Oman, Chad, and Jordan) brought the total number of ratifications to 112 − the required threshold of two-thirds of WTO’s Membership in order to enter into force.