GENEVA, Feb. 27 (Xinhua) -- WTO members on Monday hailed the entry into force of the Trade Facilitation Agreement (TFA) as a historic achievement at a meeting of the General Council.
The TFA, the first multilateral deal concluded in the 21-year history of the WTO, entered into force on Feb. 22 after the organization obtained the needed acceptance from two-thirds of its 164 members for the agreement to take effect.
The TFA seeks to expedite the movement, release and clearance of goods across borders and create a significant boost for the multilateral trading system.
In welcoming this milestone, members pledged to advance work on implementing the TFA so that the full benefits of the Agreement can be reaped.
Cambodia, speaking on behalf of the least-developed countries (LDC) group, said the milestone marked a very important start to members' work to achieve results in trade facilitation.
Cambodia, along with several other delegations, emphasized the need of developing countries and LDCs for implementation assistance.
In his address to WTO members, Director-General Roberto Azevedo said: "By ratifying the agreement, members have shown their commitment to the multilateral trading system.
"You have followed through on the promises made when this deal was struck in Bali. And by bringing the deal into force we can now begin the work of turning its benefits into reality," Azevedo said.
Azevedo thanked the members for their considerable efforts to reach this historic juncture. "This achievement belongs to all of you," he said.
The Director-General, in his capacity as depositary of the WTO Agreements and their amendments, signed the official depositary notification of the TFA's entry into force. He handed over the notification to General Council Chair Ambassador Harald Neple at the meeting.
"The Agreement on Trade Facilitation is a defining multilateral achievement of our time," Neple said.
"It is practical, modern and global and it symbolizes the essence of the WTO: members from all corners of the globe coming together, overcoming differences and responding to pressing trade issues for the benefit of all," he said.
The Agreement is unique in that it allows developing and least-developed countries to set their own timetables for implementing the TFA depending on their capacities to do so -- and it provides for support to help them develop their capacity.
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