The World Trade Organization's Trade Facilitation Agreement(TFA) has been effectuated.
 
The WTO said Wednesday that 112 out of the 164 countries, or two thirds of its membership, ratified the multilateral trade deal for its effectuation.
 
The TFA seeks to strengthen the transparency of customs rules, streamline clearance procedures and encourage the exchange of information among customs authorities.

South Korea ratified the agreement in 2015, becoming the 10th WTO member country to endorse it.
 
Local observers say the implementation of the agreement will help South Korean small- and mid-sized enterprises export to developing countries more easily and with less cost.
 
Some economists say it will lift South Korea’s exports by between three to six percent.