World Trade Organization Trade Facilitation Agreement Enters into Force (February 22, 2017) [1]
On February 22, 2017, the World Trade Organization (WTO) Trade Facilitation Agreement [3] (TFA) entered into force after achieving the required acceptance from two-thirds of the WTO’s 164 members for the agreement to take effect. According to the WTO [4], the TFA “contains provisions for expediting the movement, release and clearance of goods, including goods in transit. It also sets out measures for effective cooperation between customs and other appropriate authorities on trade facilitation and customs compliance issues. It further contains provisions for technical assistance and capacity building in this area.” The WTO also states [3] that a “Trade Facilitation Agreement Facility (TFAF) has been created to help ensure developing and least-developed countries obtain the assistance needed to reap the full benefits of the TFA.”