WTO Enacts Sweeping Trade Facilitation Pact
Law360, New York (February 22, 2017, 12:03 PM EST) -- A World Trade Organization agreement aimed at streamlining global customs rules entered into force Wednesday, solidifying the first multilateral deal in the WTO’s history just over three years after it was concluded.
The WTO’s Trade Facilitation Agreement required implementation by 110 member countries — two-thirds of the organization’s membership — in order to take effect. That milestone was eclipsed once Rwanda, Oman, Chad and Jordan all notified Geneva that they had ratified the deal on Wednesday.
Inked by members at the WTO’s 2013 ministerial conference in Bali, Indonesia, the TFA is expected to primarily help developing countries bring their customs procedures...
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