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WTO Trade Facilitation Pact Headcount Grows

by Ulrika Lomas, Tax-News.com, Brussels

02 November 2016


Iceland has ratified the World Trade Organization's (WTO's) Trade Facilitation Agreement (TFA), becoming the 96th member of the WTO to do so.

Iceland's ambassador to the WTO, Hogni S. Kristjansson, submitted his country's instrument of acceptance to WTO Director-General Roberto Azevêdo on 31 October, the WTO has announced.

Concluded at the WTO's 2013 Bali Ministerial Conference, 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.

The TFA will enter into force once two-thirds of the WTO membership has formally accepted the Agreement. Iceland's acceptance means over 87 percent of the ratifications needed for entry into force have now been received.

TAGS: tax | free trade agreement (FTA) | Iceland | law | World Trade Organisation (WTO) | trade

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