The World Trade Organization (WTO) has reached a new agreement that will have significant implications for international trade. The agreement, which was reached at the end of 2020, is known as the “Bali Package.”

The Bali Package is made up of several agreements, including the Trade Facilitation Agreement (TFA). The TFA is aimed at simplifying and harmonizing customs procedures around the world, which will make it easier and less costly for businesses to trade internationally.

The TFA has been hailed as a major breakthrough for the WTO, which has struggled in recent years to make progress on trade agreements. It is the first multilateral trade agreement to be reached since the WTO was established in 1995.

The TFA will require all WTO members to implement specific measures to reduce the time and cost of moving goods across borders. These measures include the simplification of customs procedures, the use of electronic documents and the introduction of a single window system for trade-related documents.

The TFA is expected to have a significant impact on global trade. According to the WTO, it could increase global trade by up to $1 trillion per year, which would be a huge boost for the global economy.

The TFA has been welcomed by many businesses, who have long complained about the cost and complexity of international trade. It is also seen as a major victory for developing countries, who will benefit most from the agreement.

However, there are concerns that the TFA could undermine environmental and labor standards, as well as the ability of governments to regulate trade in the public interest. Critics argue that the TFA is too focused on facilitating trade and not enough on promoting sustainable and equitable development.

Despite these concerns, the TFA is a significant achievement for the WTO and international trade. It represents a major step towards a more efficient and inclusive global trading system, which will benefit businesses, workers, and consumers around the world.