- India’s WTO ambassador Anjali Prasad handed over her country’s instrument of acceptance to Director-General Roberto Azevêdo on 22 april.
- “India is one of the most dynamic economies in the world today and has become a top recipient of foreign investment. Ratifying the WTO’s Trade Facilitation Agreement will help India further boost economic growth by reducing trade costs and supporting its integration into the global economy.”
What is Trade Facilitation Agreement (TFA)?
- The Trade Facilitation Agreement is the first multilateral trade agreement to be concluded since the WTO was established 20 years ago.
- Once it enters into force, the Agreement is expected to reduce total trade costs by more than 14 per cent for low-income countries and more than 13 per cent for upper middle-income countries by streamlining the flo w of trade acr oss borders .
- TFA 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.
- It further contains provisions for technical assistance and capacity building in this area.
- The TFA will enter into force once two-thirds of the WTO membership has formally accepted the Agreement. India is the 76th WTO member to accept the TFA.
About WTO :
- Head Quarter: Geneva, Switzerland
- Established: 1 January 1995
- Created by: Uruguay Round negotiations (1986-94)
- Membership: 162 countries
- Head: Roberto Azevêdo (Director-General)
Functions:
• Administering WTO trade agreements
• Forum for trade negotiations
• Handling trade disputes
• Monitoring national trade policies
• Technical assistance and training for developing countries
• Cooperation with other international organizations
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