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The phrase "far-reaching implication" is correct and can be used in written English
It means that something has a significant or profound consequence or effect that extends beyond immediate circumstances. Example: The new government policy has far-reaching implications for the economy and will likely impact businesses and individuals for years to come.
Exact(7)
Embedded in that approach is a far-reaching implication: that the rest of the world should no longer count on the United States to snap up imported goods or run up large trade deficits.
Requirements defects are one of the most important kinds of strategic flaws in systems and are certainly the most expensive to repair because they are introduced early, identified late, and have far-reaching implication and scope.
MySpace may be marketing 'Lite' profiles towards international and dial-up users, but it has one potentially more far-reaching implication: it gives users the ability to browse MySpace with a single, unified interface.
The dynamics of proteasome composition and subcellular distribution is an important subject with far-reaching implication.
It has been argued that sex is not a binary quantity, with the far-reaching implication that sex segregation in competitive sports is an inconsistent and unjust policy.
Finally, perhaps the most far-reaching implication of the work presented here is that we have shown it is possible to compare the relative genomic fluidity of different groups of bacteria (e.g. species, genera, or higher).
Similar(52)
The case could have far-reaching implications.
The research could have far-reaching implications.
"This case has far-reaching implications".
The decision could have far-reaching implications for illegal immigrants.
"Redefining marriage has far-reaching implications in our society".
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com