Why trade facilitation deal is the model for multilateralism

THE year 2016 was full of setbacks for multilateralists with Brexit and Trumpism making global headlines. Yet, 2017 could mark a turning point, starting with the entry into force of the Trade Facilitation Agreement (TFA) championed by the World Trade Organization (WTO). As the organisation's first successful pluri/multilateral agreement, the TFA is a remarkable achievement - not least because it offers economic benefits while charting a course forward for the beleaguered multilateralism.

What is the TFA?

Approved in 2013 in Bali, Indonesia, the TFA aims at simplifying, digitising and harmonising customs procedures across countries and speeding up global value chains. Notwithstanding India's threatened veto, the deal was taken over the line on Feb 22 after fulfilling the requirement that two-thirds of the WTO membership must ratify it.