"We commit to ratify the Trade Facilitation Agreement by the end of 2016 and call on other WTO members to do the same. We note the important role that bilateral and regional trade agreements can play in liberalizing trade and in the development of trade rules, while recognizing the need to ensure they are consistent with WTO rules," the communique said.
According to the communique, G20 states "commit to ensure the bilateral and regional trade agreements complement the multilateral trading system, and are open, transparent, inclusive and WTO-consistent."
WTO members concluded the Trade Facilitation Agreement negotiations on boosting global trade by reducing tariffs and facilitating the movement and release of goods when they met in Bali, Indonesia in 2013. The agreement, known as the Bali Package, enters into force only with a two-thirds approval vote by the 161-member trade organization. As of now, 90 WTO members have ratified the agreement.
