WTO Passes Halfway Mark for Trade Facilitation Accord

Cote d’Ivoire, Grenada and Saint Lucia this week became the latest three countries to ratify the World Trade Organization’s Trade Facilitation Agreement (TFA).

The new additions bring the total number of ratifications to 56, which is more than half of the number required for the agreement to enter into force.

The agreement 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 ...