December 22, 2016
Canada has ratified the Trade Facilitation Agreement (TFA), making it the 103rd member of the World Trade Organization (WTO) to do so. Canada's instrument of acceptance was submitted to the WTO on December 16.
Although was Canada is already compliant with the vast majority of the TFA's provisions, legislative amendments were required in order to enable the country to comply with a few specific provisions.
The purpose of the Agreement is to modernize and simplify customs and border procedures, and lower trade costs. It is expected that most economic gains will flow to developing countries.
Only seven more ratifications from WTO members are needed to bring the TFA into force. The TFA will enter into force once two-thirds of the WTO membership has formally accepted the Agreement.