The Trade Facilitation Agreement aims to simplify customs regulations for the cross-border movement of goods. It was the outcome of WTO’s 9th Bali (Indonesia) ministerial package of 2013.
G20 grouping played a critical role in the ratification of the Trade Facilitation Agreement.
The agreement includes provisions for lowering import tariffs and agricultural subsidies, Reduction in red tape at international borders, abolish hard import quotas.
According to the WTO estimate, it could contribute up to somewhere between 5.4 and 8.7% to global GDP by 2030 if the agreement were fully implemented.