Washington D.C. – The NFTC today released the following statement applauding the entry into force of the World Trade Organization (WTO) Trade Facilitation Agreement (TFA) reached in Bali, Indonesia on December 7, 2013.
NFTC President Rufus Yerxa said:
“The National Foreign Trade Council welcomes news that the Trade Facilitation Agreement will enter into force now that two-thirds of WTO members have ratified the agreement and deposited their instruments of acceptance with the WTO Secretariat. This agreement will go a long way in modernizing global trade rules and is particularly important in increasing participation of small businesses in the global trading system. The benefits of the TFA cannot be overstated.”
NFTC Vice President for Global Trade Issues Jake Colvin said:
“Implementation of this agreement brings potentially enormous economic benefits to countries around the world by reducing the costs and time it takes for countries to import and export products. The agreement is a win-win for development and business, and is a great example of the role the WTO can play in facilitating the adoption of frameworks that permit developing countries to participate more effectively in the global marketplace.”