Sri Lanka has become the latest WTO Member to ratify the Trade Facilitation Agreement (TFA). Sri Lanka’s ambassador to the WTO, R.D. Susiri Kumararatne, presented his country’s instrument of acceptance to Director-General Roberto Azevêdo on 31 May.
The Trade Facilitation Agreement will enter into force once two-thirds of Members have domestically ratified a Protocol of Amendment and notified the WTO of their acceptance of this Protocol.
Implementation of the WTO Trade Facilitation Agreement has the potential to increase global merchandise exports by up to $1 trillion per annum, according to the WTO’s flagship World Trade Report 2015. The Report also found that developing countries will benefit significantly from the TFA, capturing more than half of the available gains.