GCTL8.com (FocusAsia Media Ltd)

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SWITZERLAND, Feb 27 (FAM) –  A 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 (WTO) 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.

The entry into force of this agreement, which seeks to expedite the movement, release and clearance of goods across borders, launches a new phase for trade facilitation reforms all over the world and creates a significant boost for commerce and the multilateral trading system as a whole.

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