The cumulative ramifications of the TFA are also very promising, with experts estimating that the full implementation of the agreement could boost global trade by as much as 1 trillion U.S. dollars per year.

According to estimates, the TFA is expected to add 2.7 percentage points per year to world trade growth, and over half a percentage point per year to world GDP growth by 2030.

"This impact would be greater than the elimination of all existing tariffs around the world," Azevedo highlighted.

"The Trade Facilitation Agreement is the biggest reform of global trade this century," he added.

In December 2017, WTO members concluded negotiations on a Trade Facilitation Agreement at the Bali Ministerial Conference, as part of a wider "Bali Package".

It is the first multilateral agreement to be reached since the organization came into being over 20 years ago.

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