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Russian Federation ratifies the Trade Facilitation Agreement
The Russian Federation has become the 77th WTO Member to ratify the Trade Facilitation Agreement (TFA). The Russian Federation’s Minister of Economic Development, Alexey Ulyukaev, met with Director-General Roberto Azevêdo on 22 April and presented his country’s TFA instrument of acceptance.
“I was very happy to meet with Minister Ulyukaev today and receive Russia’s instrument of acceptance,” DG Azevêdo said. “The WTO’s Trade Facilitation Agreement is particularly important for such a large nation bridging two continents. Trade facilitation can help Russia expand its trade relations and diversify its economy by significantly reducing the time and costs of moving goods across its many borders.”
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.