"A multilateral TFA, which can significantly enhance trade flows, is very important to Hong Kong, China, and I believe it is no less so for other economies," Hong Kong's Permanent Representative Irene Young told the General Council. "Ultimately, the Agreement will benefit all of us, but that is only possible when it actually comes into effect."
WTO Director-General Roberto Azevêdo congratulated Hong Kong, China for moving so quickly on ratification.
"I hope that other members will gain inspiration from this and will soon be able to follow Hong Kong, China's lead," he added.
WTO members concluded the TFA at their December 2013 ministerial conference in Bali, Indonesia. The Protocol of Amendment inserting the TFA into Annex 1A of the WTO Agreement was subsequently adopted by the General Council on 27 November. This in turn opened the door for Members to formally ratify the TFA through their domestic legislative procedures.
The TFA will only enter into force once the Protocol has been ratified by two-thirds of the WTO's Membership.
More information on the TFA can be found at www.wto.org/tradefacilitation