Mongolia ratify the Trade Facilitation Agreement; final countdown launched

Dominica and Mongolia have ratified the Trade Facilitation Agreement (TFA), putting the total number of ratifications from members at 100. With just 10 more ratifications from members needed to bring the TFA into force.
Dominica’s and Mongolia’s instruments of acceptance were submitted to the WTO on November 28, 2016.

The TFA will enter into force once two-thirds of the WTO membership has formally accepted the Agreement.
According to a 2015 study carried out by WTO economists, full implementation of the TFA would reduce members’ trade costs by an average of 14.3 per cent. The TFA also has the ability to reduce the time to import goods by over a day and a half while also reducing time to export by almost two days, representing a reduction of 47 per cent and 91 per cent respectively over the current average.
More information on trade facilitation at the WTO official web-site
Press-release at the WTO official web-site