The Union Cabinet has approved a proposal to notify the Trade Facilitation Agreement (TFA) of the World Trade Organization (WTO) to keen on projecting India as a business friendly destination.
Decision in this regard was taken by Union Cabinet meeting chaired by Prime Minister Narendra Modi in New Delhi. To facilitate both domestic coordination and implementation of the agreement, it also approved setting up of a National Committee on Trade Facilitation that would be chaired jointly by the Commerce and Revenue Secretaries.
NCTF will be set up under the aegis of Union Ministry of Commerce and Industry’s Department of Revenue and Secretary, Department of Commerce. The pact was agreed upon at the WTO’s ministerial meeting in Bali in 2013.
The TFA is the WTO’s first-ever multilateral accord that aims to simplify customs regulations for the cross-border movement of goods. The agreement includes provisions for Lowering import tariffs and agricultural subsidies, Abolish hard import quotas and Reduction in red tape at international borders.
The TFA shall enter into force for the notified members upon acceptance by two-third of WTO Members. So far 69 countries of the 164 WTO members have ratified this pact.
Extra Info :
WTO : World Trade Organization
WTO Headquarter : Geneva, Switzerland
WTO Member : 164
So lets discuss some questions related to this article which can be asked in the upcoming exams :
1. Expand the term TFA.
2. Union cabinet approves which agreement of WTO ?
3. Expand the term NCTF.