Peru's Amb. Luis Enrique Chávez Basagoitia and Saudi Arabia’s Deputy Minister for Foreign Trade, Ahmed Al-Hakbani, and the Kingdom’s WTO Ambassador, Abdolazeez Al-Otaibi, presented their countries' instruments of acceptance to the WTO Director-General Roberto Azevêdo on 27 and 28 July respectively. With the acceptances of Peru and Saudi Arabia the number of ratifications now stands at 89, representing more than three-quaters of the ratifications needed to bring the Agreement into force.

The TFA will enter into force once two-thirds of Members have domestically ratified a Protocol of Amendment and notified the WTO of their acceptance of this Protocol. 

The TFA has a huge potential to reduce trade costs thereby boosting trade between countries and raising world income. OECD studies find that the implementation of the TFA could reduce worldwide trade costs between 12.5% and 17.5%.  Developing country exports are expected to grow between 14% and 22% while becoming more diversified.  Companies are more likely to become more profitable which should encourage domestic investment.  In addition, foreign direct investment is likely to be attracted to countries that fully implement the TFA.  Finally, increased trade means better employment prospects for workers and greater revenue collection by the government.