Proponents of free trade will lament the stalling and possible demise of the TPP, but will take comfort in reports that some signatories including Australia, New Zealand and Singapore are determined to find a way to keep it alive. Yet there's greater consolation on the horizon. On Feb. 22 Chad, Jordan, Oman and Rwanda ratified the Trade Facilitation Agreement (TFA), bringing the total number of World Trade Organization (WTO) members that have adopted the accord to 112, two more than necessary for it to come into force. 

The TFA is the biggest global trade deal in over two decades and arguably the most significant multilateral agreement few people have heard about. A scant 30 pages (TPP ran to nearly 5,600), the TFA is about the nitty gritty of trade, with measures to speed up the movement, release and clearance of goods, both at their destination and in transit. It calls for closer collaboration among customs and other national authorities, and it provides technical help for countries that need it to implement their commitments. Technical stuff, but a valuable lubricant for the wheels of trade, which have been grinding of late due to the global recession and the years of impasse in the Doha Round of global trade talks.

The TFA would shorten the average time to import goods by over a day and a half, a 47% improvement. Export time would be cut by nearly two days -- a 91% advantage. Global merchandise exports are set to jump by up to $1 trillion, greater than the benefits from eliminating all existing tariffs. Developing countries could increase the number of products they export by 20%, while least-developed economies would do so by up to 35%.

More important is the TFA's effect on the domestic policies of signatories, including the U.S. It will spark structural reforms and lead to revisions in laws and the promotion of smarter regulation. The TFA also introduces a new model for global agreements. Countries are able to set their own timetable for compliance at a pace allowed by the capacity of each economy. Also included in the pact is a fund to help developing and least-developed countries implement the deal.