Hong Kong, China has become the first WTO member to formally ratify the WTO’s new Trade Facilitation Agreement (TFA). Hong Kong officials informed the WTO’s General Council on December 10 that the territory deposited its instrument of acceptance for the TFA Protocol with the WTO Secretariat on December 8.
In December 2013, WTO members concluded negotiations on a Trade Facilitation Agreement at the Bali Ministerial Conference, as part of a wider “Bali Package”. Since then, WTO members have undertaken a legal review of the text. The Trade Facilitation Agreement 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.
The Trade Facilitation Agreement will enter into force once two-thirds of members have completed their domestic ratification process.
