São Paulo – Brazil’s National Congress approved this Thursday (3th) the Trade Facilitation Agreement of the World Trade Organization (WTO). The treaty is now pending promulgation. The Brazilian Ministry of Foreign Affairs stated that Brazil has now joined 70 WTO member countries that had approved the agreement internally. The deal will enter into force upon being ratified by one third of the 162 WTO member countries.
The TFA was approved by the WTO in December 2013 and is designed to cut costs and make foreign trade operations faster. According to the organization, it could bring an additional USD 1 trillion a year to international trade.
*Translated by Gabriel Pomerancblum
