The WTO passed the Trade Facilitation Agreement on Thursday. This is the first multilateral trade agreement in the organization’s 20-year history. The landmark deal was reached in Bali, Indonesia last year to overhaul global customs procedures and to manage food stockpiles. However, work towards the agreement’s implementation had been stalled since July.
Although the agreement is just one stage of the Doha Round of trade talks that began in 2001, it is still a milestone for the global trade body. Agreements under the WTO have been difficult to reach because they require the unanimous backing of all member states.
Taiwan’s economics ministry said on Friday that the agreement will boost the Taiwan’s GDP by more than US$3.8 billion and the country’s total output value by over US$5.5 billion.