Government of India Clears the WTO Trade Facilitation Agreement
17 February 2016
The Proposal for Notification of Commitments under the Trade Facilitation Agreement (TFA) of the World Trade Organization (WTO), ratification and acceptance of the Instrument of Acceptance of Protocol of TFA to the WTO Secretariat and constitution of the National Committee on Trade Facilitation received approval from the Indian Cabinet, chaired by Prime Minister Narendra Modi.
The Trade Facilitation Agreement contains provisions for expediting the movement, release and clearance of goods, including goods in transit. It also sets out measures for effective cooperation between Customs and other appropriate authorities on trade facilitation and Customs compliance issues – objectives which are in line with India’s “Ease of Doing Business” initiative.
A National Committee on Trade Facilitation would be set up under the Joint Chair of Secretary, Department of Revenue, and the Secretary, Department of Commerce, to facilitate both domestic coordination and implementation of the provisions of the Agreement.
The Trade Facilitation Agreement shall enter into force once it has been ratified by 2/3s of the WTO Members.