(Ecofin Agency) - Nigeria has made the list of World Trade Organization (WTO) members to approve the Trade Facilitation Agreement (TFA), which is expected to reduce trade costs by over 14% for low-income countries and more than 13 percent for upper middle-income countries by restructuring the flow of trade across borders.

According to the Minister of Industry, Trade and Investment, Okechukwu Enelamah (photo), only three more approvals from members are needed to complete the two-third threshold that will bring the TFA into force.

“Nigeria’s ratification of the Trade Facilitation Agreement is a reflection of our commitment to the WTO and a rules-based economy. It is evidence of President Muhammadu Buhari’s commitment to rapidly implement his presidential initiative on the creation of an enabling environment for business. Nigeria would like to see a strengthened WTO that reflects the development principles of developing countries like Nigeria and we praise the effectiveness of DG Azevêdo in this regard,” he said.

Finalized at the WTO’s 2013 Bali Ministerial Conference, the TFA contains a series of measures for expediting the movement, release and clearance of goods, including goods in transit across borders. This agreement is groundbreaking as it is the first time in WTO history that the commitments of developing and least-developed countries are related in their capacity to implement the TFA.

Besides Nigeria, other African countries that have approved the TFA are; Botswana, Niger, Togo, Côte d’Ivoire, Kenya, Zambia, Lesotho, Mali, Senegal, Swaziland, Gabon, Ghana and Mozambique.

Anita Fatunji