GENEVA
Members of The World Trade Organization approved the first-ever multilateral trade agreement in its history on Friday, one which is projected to boost global trade by $1 trillion.
According to statement released on the organizations website, "The Trade Facilitation Agreement" has been approved by all 160 members of the organization.
The agreement means that the organization will introduce new standards for customs checks and border procedures.
U.S. Trade Representative Michael Froman said the agreement would mean a significant reduction in costs and transaction time in customs procedures, and would unlock new opportunities for all countries.
At a press conference on Thursday Roberto Azevedo, the organization's Director-General, urged member states' representatives to push forward the ratification process in their legislatures.
“The adoption of the protocol is also significant because it means that the Trade Facilitation Agreement Facility is now officially operational.” Azevedo said.
In July 2014, the WTO announced the launch of the Trade Facilitation Agreement Facility, which will assist developing and least-developed countries in implementing the Trade Facilitation Agreement, the organization explains on its website.
“This clears the path for the Trade Facilitation Agreement to be implemented and to come into force — with all the well-documented economic benefits that this will bring for developed and developing countries alike.”
World Trade Organization has not previously been able to adopt a global trade agreement, because it has never before had a unanimous concensus for such a proposal.
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