The Trade Facilitation Agreement, the first significant multilateral trade deal concluded by the World Trade Organisation (WTO) in 1995, entered into force on 22 February 2017 after the required ratification by two-thirds of its 164 members. This agreement aims to simplify and clarify international import and export procedures, customs formalities and transit requirements. It will make trade-related administration easier and less costly, thus helping to provide an important and much needed boost to global economic growth. EU customs authorities will play a leading role in the implementation of the agreement, acting both as an example to follow and as an engine for further progress in trade facilitation within the EU and at international level. The agreement will also help improve transparency, increase possibilities for small and medium-sized companies to participate in global value chains, and reduce the scope for corruption. The deal was agreed during the WTO Ministerial Conference in Bali in 2013.