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Global Markets: WTO Trade Facilitation Agreement In Effect

By Commodity News Service Canada

WINNIPEG, Feb. 23 (CNS Canada) – The following is a glance at the news moving markets in Canada and globally.

– Crude oil prices were up on Thursday, as a drop in US stocks gave values a boost. OPEC is also still sticking to its plan to cut production, and shrink the world oversupply.

– The minutes of the US Federal Reserve’s latest policy meeting were released on Wednesday. While the Fed expressed some caution over new President Donald Trump’s policies, it also noted that interest rate hikes may be coming ‘fairly soon.’

– The Trade Facilitation Agreement (TFA) has entered into force, having passed the minimum requirement of 110 ratifications, the World Trade Organization announced on Wednesday. The TFA, of which Canada is a signatory, is described as the “biggest reform of global trade this century.” The TFA should ease customs barriers and is expected to increase world trade by US$1 trillion a year.

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