BEIJING — China has ratified the protocol of World Trade Organization’s (WTO’s) Trade Facilitation Agreement (TFA), the Ministry of Commerce said in a statement on Sept 4.
China became the 16th member formally accepting the protocol on Sept 4 when Yu Jianhua, China’s ambassador to the WTO, submitted an instrument of acceptance to Director-General Roberto Azevedo, according to the statement.
The Trade Facilitation Agreement will enter into force once two-thirds of the WTO members have completed their domestic ratification process.
China called on the other members to pick up speed in adopting the protocol in order to facilitate international trade and lower the trade cost.
Concluded at the WTO’s 2013 Bali Ministerial Conference, the TFA contains provisions for expediting the movement, release and clearance of goods, including goods in transit.
It also sets out measures for effective cooperation between customs and other appropriate authorities on trade facilitation and customs compliance issues. It further contains provisions for technical assistance and capacity building in this area.