India Commerce Minister Highlights Significance of WTO TFA Ratification

17 February 2016

India's Commerce Minister Nirmala Sitharaman said the Cabinet's decision to ratify the World Trade Organization Trade Facilitation Agreement (WTO TFA) is a 'very important step,' and affirmed the Government's initiatives to improve systems within India for trade facilitation.

Commerce Minister Sitharaman reviewed major provisions of the TFA already being implemented in India, including: 

  • Publication of relevant trade-related information, including trade procedures and forms; 
  • System for administrative appeal/review; Facility for electronic payment; 
  • Allowing release of goods on bank guarantee, in cases of delay in assessment; and 
  • Freedom of transit.

Necessary provisions that India should adopt include: 

  • Legal changes in current policies on inward and outward processing of re-import and re-export of goods for repair and reconditioning, and release of goods before payment of duty is made;
  • More enquiry points to promote availability of information to government offices, traders, other stakeholders;
  • Special facilitation measures for perishable goods; and 
  • Single window.

Commerce Minister Sitharaman underscored that changes in the present Customs Act are needed to implement the WTO TFA. She said the Cabinet has requested 5 years to implement provisions that require further investment and technology, and to resolve issues that require legislative amendment.

India is set to formally deposit its ratification with the WTO, and will become the 71st WTO Member to ratify the Agreement.

Related Links:

A Letter of Exchange for the revision of the Railway Service Agreement between Nepal and India was submitted...

Read More

India’s Ministry of External Affairs has directed states that share borders with Bangladesh to make vaccination for truckers...

Read More

Bhutan’s Houses of Parliament, the National Council (Upper House) and the National Assembly (Lower House), have passed the...

Read More

Bangladesh will import around 700 megawatts (MW) of hydropower from Nepal to meet its future electricity demand, according...

Read More

Bangladesh is looking to produce resort wear and leisure apparel for Maldives. Mr. Faruque Hassan, President of the...

Read More

The Bangladesh Roads and Highways Department ...

Read More

Import of goods from India to Bangladesh by trains have seen a significant rise during the coronavirus pandemic....

Read More