By: C.W. Huang and Lillian Lin
Taipei, Sept. 4 (CNA) Taiwan is looking forward to the implementation of the Agreement on Trade Facilitation (TFA), which can help boost its gross domestic product (GDP), industrial productivity, and foreign trade, by increasing the efficiency of customs procedures, an economics official said Friday.
The official from the Ministry of Economic Affairs (MOEA) pointed out that as of Thursday, 15 of the 160 members of the World Trade Organization (WTO) have ratified the TFA. Among these countries and territories are the United States, Japan, Australia, Singapore, Hong Kong, South Korea, Malaysia and Taiwan.
WTO members reached consensus on the TFA in December 2013 at the Bali ministerial conference. The agreement will enter into force once two-thirds of the WTO members have completed their domestic ratification process. [FULL STORY]