China Ratifies WTO's Trade Facilitation Agreement

(CRI) The Ministry of Commerce says China has ratified the protocol of World Trade Organization Trade Facilitation Agreement or TFA, becoming the 16th member to formally accept it.

The TFA will enter into force once two-thirds of WTO members have completed their domestic ratification process.

China called on other members to increase speed in adopting the protocol in order to facilitate international trade and lower trade costs.

It is the first multilateral trade agreement that China has participated in since it joined the WTO.

"It is undoubtedly good news for China, the world's largest goods trading nation, and is of great significance for expanding exports and promoting economic growth," said Zhao Hong,  a negotiator from the Department of WTO Affairs in the Chinese Ministry of Commerce.

The TFA was concluded at the WTO's 2013 Bali Ministerial Conference.

It contains provisions for expediting the movement, release, and clearance of goods, including goods in transit.

The TFA also sets out measures for effective cooperation between customs and other appropriate authorities on trade facilitation and customs compliance issues. It further contains provisions for technical assistance and capacity building in this area.

Source: CRI