NAN-F-43
Trade
Geneva, Feb. 22, 2017(dpa/NAN) An international pact that could boost global trade by up to 1 trillion dollars per year entered into force on Wednesday, the World Trade Organisation (WTO) announced in Geneva.
The Trade Facilitation Agreement obliges countries to remove bureaucratic barriers for commerce.
“If the pact is fully implemented, it would account for 0.5 of the global economic output by 2013.
“This is the biggest reform of global trade in a generation,” WTO Chief Roberto Azevedo said.
The treaty took effect after Rwanda, Oman, Chad and Jordan formally signed on, taking the number of participating countries above the required threshold of 110. (dpa/NAN)
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======Edited by Celine-Damilola Oyewole/Morayo Omolade