Laos Ratifies WTO Trade Facilitation Accord

The Lao People’s Democratic Republic ratified the World Trade Organization’s Trade Facilitation Agreement (TFA) and became the 18th member to submit its instrument of acceptance.

The TFA seeks to reduce billions of dollars in global trade costs by instructing WTO members to improve their customs procedures and expedite the movement, release and clearance of goods, among other commitments.

Once fully implemented, the TFA could reduce global trade costs between 12.5 percent and 17.5 percent, according to the Organization for Economic Cooperation and Development (OECD). Just a 1 percent drop could save as much as $40 billion in trade costs, OECD ...