The first major agreement to liberalize global trade under the world trade organization entered into force, according to DW.
Wednesday, 22 February 2017, the Agreement on simplification of international trade procedures (Trade Facilitation Agreement — TFA) is ratified by two thirds of the 164 members of the organization, which is sufficient for its entry into force.
WTO head-Robert Azevedo expects that the new agreement encourages the growth of the world economy by 0.5% per year.
The document adopted during the conference in Bali in 2013, provides for the simplification of customs formalities phasing out subsidies, the expansion of assistance to developing countries and facilitating access to world markets for poor countries.
According to a member of the Board of the Federal Association of German industry (BDI) Stefan Maira, the first multilateral agreement since the establishment of the WTO is “the correct answer declared by the President of the United States Donald trump the policy of isolation”.
