India ratifies Trade Facilitation Agreement of WTO
Posted on:06 May 2016 09:29:13
06 May 2016 Current Affairs GK: Government has retified the Trade Facilitation Agreement (TFA) of the WTO and the pact aims to expedite the movement, release and clearance of goods, including goods in transit.
India has ratified the Trade Facilitation Agreement (TFA) of the World Trade Agreement (WTO) and the instrument of Acceptance for Trade Facilitation Agreement was handed over to WTO Director-General by India on April 22, 2016," Minister of State for Commerce and Industry Nirmala Sitharaman said The Trade Facilitation Agreement will enter into force once two-thirds of WTO members have completed their domestic rectification process, Sitharaman added. India is the 76th WTO member to accept the TFA.
TFA sets out measures for effective cooperation between customs and other appropriate authorities on trade facilitation and customs compliance issues. These objectives are in consonance with India's 'Ease of Doing Business' initiativeAt the Ministerial Conference of the WTO held in Nairobi, Kenya in December 2015, Ministerial decisions were adopted on some agricultural issues and issues of importance of developing countries and least developed countries
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