India Ratified WTO’s Trade Facilitation Agreement

India has ratified the new Trade Facilitation Agreement (TFA) of World trade Organisation (WTO). The agreement aims to ease customs procedures to boost commerce. India’s WTO ambassador Anjali Prasad has handed over the instrument of acceptance to WTO director-general Roberto Azevêdo.

This agreement aims to establish effective cooperation between customs and other authorities on trade facilitation and customs compliance issuesAccording to the WTO’s 2015 flagship World Trade Report released in October, 2015, the implementation of the TFA has the potential to increase global merchandise exports by up to $1 trillion per year. But if we talked about India, it will help to boost economic growth by reducing trade costs and supporting its integration into the global economy.

Earlier In 2013, the TFA was agreed upon at the WTO Ministerial Conference in Bali. A Trade Facilitation Agreement Facility (TFAF) was also created at the request of developing and least-developed country members to help ensure that they receive the assistance needed to reap the full benefits of the TFA and to support the ultimate goal of full implementation of the new agreement by all members.
India is the 76th WTO member to accept the TFA, which will enter into force once two-thirds of WTO 162 members formally accepted the Agreement. Apart from India many countries have agreed to ratified the TFA which include Hong Kong, China, Singapore, US and Malaysia etc.

So lets discuss some questions related to this article :
1. India has ratified the new trade facilitation agreement of which organization ?
2. Name the India’s WTO ambassador, who has handed over the instrument of acceptance to WTO’s director ?
3. Who is the director of WTO ?

Courtesy : Indian Express


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