Sri Lanka ratifies Trade Facilitation Agreement

May 31, 2016

Sri Lanka became the 81st country to ratify the TFA. TFA will enter into force once two-thirds of the WTO members formally accept the agreement. The TFA contains provisions for expediting the movement, release and clearance of goods, including goods in transit. It also sets out provisions for technical assistance and capacity building in this area. Till now, WTO has received three quarters of the ratifications needed to bring the TFA into force. With, TFA there exist an aim to increase the merchandise exports by up to $1 trillion per annum. In addition, developing countries would benefit, capturing more than half of the available gains.