The Trade Facilitation Agreement (TFA) entered into force on February 22, between all 164 members of the World Trade Organisation. The TFA is aimed at making the international flow of goods more seamless. According to the agreement, the flow of goods should incur less border delays and less transit bottlenecks. The average time needed to import goods should be cut by over a day and a half. The time needed to export goods should be cut down by nearly two days.
The World Trade Organisation said the agreement would cut down the trade costs by an average of 14,3% and global trade should experience a boost of 1 trillion USD a year.
For more on the TFA, follow the link.