Wto Agreement Entry Into Force

Rwanda, Oman, Chad and Jordan presented their adoption instruments to WTO Director-General Roberto Azavédo, exceeding the required threshold of 110 ratifications. The entry into force of this agreement, which aims to accelerate cross-border trade, the release and release of goods, will launch a new phase of global trade facilitation reform and will significantly boost trade and the multilateral trading system as a whole. After the agreement enters into force, WTO members who have ratified it, whether industrialized, developing or least developed, will have a national committee to coordinate and implement the trade facilitation agreement. DG Azavédo welcomed the entry into force of the TFA and stressed that the agreement was an important step in trade reform. He said: this agreement defines the scope, functions and structure of the World Trade Organization (WTO). The agreements previously negotiated under the General Agreement on Tariffs and Trade (GATT), as well as the Uruguay Round agreements, have been incorporated as integral parts of the Marrakesh Agreement and have been incorporated into its annexes. These agreements are now considered WTO agreements. These additions include an amendment to the WTO Intellectual Property Agreement (TRIPS Agreement) to improve developing countries` access to medicines, the WTO Trade Facilitation Agreement, which came into force in February 2017, an amendment adopted in July 2017 to extend the frequency of peer review periods under the Trade Policy Review Mechanism from 2019 , and the revised public procurement agreement. Since 23 January 2017, 107 WTO members have submitted their instruments of approval to the WTO secretariat.

Only three additional ratifications are needed for the trade facilitation agreement to enter into force next month. UNCTAD will soon publish a technical note detailing the next steps following the entry into force of the WTO trade facilitation agreement for developing and least developed countries. Although the Marrakesh agreement itself does not apply directly to your business, the WTO agreements offer, in their annexes, a comprehensive set of rules aimed at facilitating competition in the current global market.