Development

50 Nations Have Ratified WTO's Trade Facilitation Pact

The World Trade Organization has welcomed the receipt of the 50th instrument of acceptance from a member state to bring into force its Trade Facilitation Agreement (TFA).

The World Trade Organization has welcomed the receipt of the 50th instrument of acceptance from a member state to bring into force its Trade Facilitation Agreement (TFA).

Concluded at the WTO's 2013 Bali Ministerial Conference, the TFA will create binding commitments across all WTO members to expedite the movement, release, and clearance of goods and improve cooperation among WTO members in customs matters, forming part of international efforts under the Doha Round to cut tax barriers to trade on a global basis.

The TFA will enter into force once two-thirds of the WTO membership has formally accepted it. In addition to Macedonia, the following WTO members have also accepted the agreement: Hong Kong, Singapore, the United States, Mauritius, Malaysia, Japan, Australia, Botswana, Trinidad and Tobago, South Korea, Nicaragua, Niger, Belize, Switzerland, Taiwan, China, Liechtenstein, Laos, New Zealand, Togo, Thailand, and the European Union (on behalf of its 28 member states)

Source: Tax News

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