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Macao, China ratifies Trade Facilitation Agreement (TFA)
Macao, China has ratified the Trade Facilitation Agreement (TFA), becoming the 72nd WTO Member to do so. Macao, China deposited its instrument of acceptance with the WTO Secretariat on 11 April.
The Trade Facilitation Agreement 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.
In November 2014 Macao, China submitted its Category A notification to the WTO indicating that it intends to implement all but four of the TFA provisions upon entry into force of the agreement.
Implementation of the WTO Trade Facilitation Agreement has the potential to increase global merchandise exports by up to $1 trillion per annum, according to the WTO’s flagship World Trade Report 2015. The Report also found that developing countries will benefit significantly from the TFA, capturing more than half of the available gains.