WTO Agreement on Trade Facilitation enters into force

The entry into force of the World Trade Organization Agreement on Trade Facilitation will make exporting easier for Australian businesses and drive job creation.

The Agreement frees up the movement of goods across international borders by reducing red tape and the burden of administrative costs associated with trade.

It minimises and streamlines customs processes, and improves transparency about rules affecting international trade, making it easier for Australian businesses to export.

The Peterson Institute estimates the Agreement could increase global GDP by USD $1 trillion per annum and create 21 million jobs.

The Agreement is designed to ensure Australia's exports spend less time being held up in inefficient customs procedures overseas. It will complement the gains Australia has made through its free trade agreements with China, Japan and Korea.

The OECD has estimated that full implementation of the Agreement on Trade Facilitation could reduce trade costs by more than 10 per cent for OECD countries, and globally by between 12.5 per cent and 17.5 per cent.

The Turnbull Government played a leading role in pushing for the early ratification of the Agreement, including through the provision of assistance to developing countries and hosting a global conference on

Trade Facilitation in Sydney in December 2016.

This is the first new agreement among all WTO Members in more than 20 years.