The economics ministry says Taiwan is looking forward to the implementation of the Agreement on Trade Facilitation. It says the agreement can help boost Taiwan’s GDP, industrial productivity, and foreign trade.
The ministry pointed out that as of Thursday, 15 of the 160 members of the World Trade Organization (WTO) have ratified the agreement. Among these countries and territories are Taiwan, the United States, Japan, Australia, Singapore, Hong Kong, South Korea, and Malaysia.
WTO members reached a consensus on the agreement in December 2013 at the Bali ministerial conference. The agreement will enter into force when two-thirds of the WTO members have completed their domestic ratification process.
The Agreement on Trade Facilitation will be the first multilateral trade agreement of the WTO since its establishment in 1995. The agreement contains provisions for faster and more efficient customs procedures through effective cooperation between customs and other trade authorities.