The number of ratifications for the new Trade Facilitation Agreement (TFA) has increased sharply since the middle of the year, WTO members were told Tuesday at the final 2015 meeting of the Preparatory Committee on Trade Facilitation (PCTF).

The WTO secretariat informed members that since the PCTF last met on June 11, the number of acceptance instruments received has tripled.

Taking account the fact that one of the ratifications, that of the European Union, covers 28 members, the total number of ratifications received now covers 49 WTO members, or around 45 percent of the total needed to bring the TFA into force.

"Especially encouraging are the number of least developed countries (3) that have now submitted their ratification instruments," added the WTO secretariat.

Esteban Conejos, the chairman of the PCTF, described the increasing number of ratifications as a "very welcome development" and said that he expected to have a substantial number of new ratifications when the committee next meets in February 2016.

Meanwhile, several WTO members, such as Panama, Pakistan and Nigeria, have informed the PCTF that they were close to completing their domestic acceptance procedures.

Two-thirds of the WTO's membership will need to ratify the TFA in order for the agreement to take legal effect.

Concluded at the WTO's 2013 Bali Ministerial Conference, the TFA contains provisions for expediting the movement, release and clearance of goods, including goods in transit. It also sets out measures for effective cooperation between customs and other appropriate authorities on trade facilitation and customs compliance issues. It further contains provisions for technical assistance and capacity building in this area.