She said that after TFA ratification, the world wide best trade practices would be shared among the member countries.
WTO members had concluded negotiations on the landmark TFA at their 2013 Bali Ministerial Conference and are now in the process of adopting measures needed to bring the Agreement into effect.
“While we have made rapid strides in streamlining our processes on the line of International best practices, in several areas, we need to ensure speedy legislation so that there are visible beneficial outcomes. The Minister said that industry and its various associations would be associated in the consultation process while implementing the different provisions of the TFA,” Sitharaman said.
She said that TFA would enable domestic manufacturers, particularly Small and Medium Enterprises, connect more easily to regional and Global Value Chains.
The 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, she said.
Sitharaman said these objectives of the TFA are in consonance with the government's initiative of ensuring ease of doing business. (SH)
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