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.

 


Related Links: 

The Governments of Bhutan and India signed an agreement for the first joint venture hydropower project between Bhutan...

Read More


The Confederation of Indian Industry (CII) organized a digital conference on “Doing Business with Bangladesh: Opportunities and Challenges.”...

Read More


The Asian Development Bank (ADB) approved a new project that will help improve power supply in Nepal. ADB...

Read More


The Governments of Bangladesh and Bhutan finalized the terms and conditions of the preferential trade agreement (PTA) on...

Read More


India and Myanmar can expand trade relations to include areas such as pharmacy, healthcare, transport, food processing, steel,...

Read More


An analysis posted on the Hindustan Times makes a case for building resilient supply chains...

Read More


India’s Central Board of Indirect Taxes and Customs (CBIC) began rolling out faceless assessments on 8 June, starting...

Read More