The European Commission published the following notice on 22 February 2017 regarding the Trade Faciliation Agreement:
EU welcomes entry into force of the WTO Trade Facilitation Agreement
The Trade Facilitation Agreement (TFA) – the most significant multilateral trade deal concluded since the establishment of the World Trade Organisation (WTO) in 1995 – enters into force today.
The ratifications by Chad, Jordan, Oman and Rwanda today means the deal has reached the pre-determined threshold of 110 WTO members required for its immediate entry into force.
This agreement aims to simplify and clarify international import and export procedures, customs formalities and transit requirements. It will make trade-related administration easier and less costly, thus helping to provide an important and much needed boost to global economic growth. EU customs authorities will play a leading role in the implementation of the agreement, acting both as an example to follow and as an engine for further progress in trade facilitation within the EU and at international level.
Read the full Press Release