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Botswana has become the eighth World Trade Organization (WTO) member to ratify the Trade Facilitation Agreement (TFA).
The WTO Secretariat received the country's instrument of acceptance on June 18. Earlier, on June 11, 2015, the WTO announced that 66 developing and least-developed country members have submitted notifications to the WTO outlining which provisions of the new Trade Facilitation Agreement (TFA) they intend to implement upon entry into force of the pact.
The TFA will create binding commitments across all WTO members to expedite the movement, release, and clearance of goods and improve cooperation among WTO members in customs matters, forming part of international efforts under the Doha Round to cut tax barriers to trade on a global basis.
In addition, the Agreement states that assistance and support should be provided to help least-developed countries (LDCs) implement the TFA.
The TFA will only enter into force once two-thirds of the WTO membership has formally accepted the Agreement. Hong Kong, Singapore, the United States, Mauritius, Malaysia, Japan, and Australia have also ratified the TFA.
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