In the past two days, two more countries – Peru and Saudi
Arabia – ratified the World Trade Organization's Trade
Facilitation Agreement (TFA). Their ratification followed
Mexico and Honduras, who ratified the TFA earlier this month.
The submission of instruments of acceptance from Peru and Saudi
Arabia means that more than 80 percent of the ratifications needed
for the TFA to take effect have been obtained. The TFA
will enter into force once two-thirds of the WTO membership
formally accepts it. Now that Peru and Saudi Arabia have
accepted the TFA, there are a total of 89 ratifications.
The TFA requires its members to establish and maintain a
national committee on trade facilitation to facilitate
implementation of the TFA. Earlier this year, on June 8th,
the WTO hosted an experience-sharing event to help members of the
WTO identify best practices and the challenges faced by WTO members
in establishing or maintaining national trade facilitation
committees.
