Mozambique has ratified the Trade Facilitation Agreement (TFA), becoming the 105th member of the World Trade Organization (WTO) to join and reducing the number of states still necessary for the agreement to come into force to just five.

“Mozambique’s instrument of acceptance was submitted to the WTO on 6 January. The TFA will enter into force once two-thirds of the WTO membership has formally accepted the Agreement,” said a statement on the TFA website (http: // www.tfafacility.org/mozambique-ratifies-trade-facilitation-agreement).

The TFA is an agreement that aims to reduce the costs of international trade, which may fall by 12.5% ​​to 17.5%, according to the website.

“The TFA has a huge potential to reduce trade costs thereby boosting trade between countries and raising world income,” say the organisers, noting that a study by the Organization for Economic Cooperation and Development (OECD) concluded that exports in developing countries could increase by between 14 and 22% and become more diversified.

The TFA was formally launched on 22 July 2014 by the Director-General of the WTO, Roberto Azevedo and became operational on 27 November of that year, when members included the regulation in the WTO’s general agreement.

On 9 January Saint Vincent and the Grenadines ratified the Trade Facilitation Agreement, the 106th WTO member to do so, and therefore only another four countries are needed for the agreement to come into force. (macauhub)