The World Trade Organization (WTO) is an international organization that regulates and promotes free trade among member countries. Recently, an agreement was reached by the WTO that will bring about significant changes in global trade. The agreement, known as the Trade Facilitation Agreement (TFA), came into force on February 22, 2017.

The TFA is aimed at simplifying and streamlining customs procedures for goods traded across borders. The agreement is expected to reduce trade costs by up to 15%, which will make it easier and cheaper for businesses to trade internationally. The TFA will also help developing countries to benefit from international trade by reducing bureaucracy and providing technical assistance to improve customs procedures.

The TFA is a significant step towards a more open and efficient global trading system. The agreement was reached in December 2013, but it took almost four years for it to come into force. The delay was due to the requirement that at least two-thirds of the WTO`s 164 members should ratify the agreement. The TFA met this requirement in January 2017, when Rwanda, Oman, Chad and Jordan became the 110th, 111th, 112th and 113th WTO members to ratify the deal.

The TFA is not only important for businesses but also for consumers. The agreement will help to reduce the time and cost of moving goods across borders, making products more affordable for consumers. It will also lead to increased competition, which will help to drive down prices.

The TFA is just one of many agreements that the WTO has negotiated over the years. The organization was established in 1995 and has since played a vital role in promoting free trade across the globe. The WTO`s efforts have led to a significant reduction in tariffs and other trade barriers, which has helped to boost global economic growth.

In conclusion, the Trade Facilitation Agreement coming into force is a significant milestone for the WTO and the global trading system. The agreement will simplify and streamline customs procedures, reduce trade costs, and help developing countries to benefit from international trade. This is good news for businesses, consumers and the global economy.