Currently, 94 of the required 110 countries in the World Trade Organization (WTO) have ratified the agreement, leaving 16 countries left to join before the TFA can be executed. The most recent countries to ratify the agreement include Bangladesh, Kingdom of Bahrain, Uruguay, and Senegal. An updated list of all countries that have ratified TFA can be found here.
The TFA is a ground breaking initiative designed to make trade across borders easier, especially for small and medium-sized companies and those in developing countries. Two-thirds of the country members in the WTO need to ratify TFA before it can be implemented. It is estimated that implementation of the TFA could reduce average trade costs by nearly 15% and help create over 20 million jobs around the world. We are currently 85% of the way there towards TFA implementation.
The Global Alliance for Trade Facilitation has provided the attached documents for affiliated members:
- The "TFA at a glance" handout: A brief, essential overview of the TFA View attachment.
- "TFA: A simple guide": A two-page handout on what's in the TFA - the main provisions of the agreement and what they mean for business. The Simple Guide has been vetted by the WTO and should help promote understanding that the TFA is not about tariffs and the like. View attachment.