The Union Cabinet has approved WTO's Trade Facilitation Agreement (TFA) and decided to set up a national committee for overseeing the implementation of the deal which aims to smoothen the flow of global commerce.
The Cabinet approved the proposal for Notification of Commitments under the TFA of WTO, ratification and acceptance of the Instrument of Acceptance of Protocol of TFA to the WTO Secretariat and constitution of the National Committee on Trade Facilitation (NCTF), said IT and Telecom Minister Ravi Shankar Prasad., according to an agency report.The Union Cabinet has approved WTO's Trade Facilitation Agreement (TFA) and decided to set up a national committee for overseeing the implementation#
The NCTF would be set up under the Joint Chair of Secretary, Department of Revenue and Secretary, Department of Commerce to facilitate both domestic coordination and implementation of the provisions of the Agreement.
TFA contains provisions for expediting the movement, release and clearance of goods, including goods in transit. It also lists measures for effective cooperation between customs and other appropriate authorities on trade facilitation and customs compliance issues.
These objectives are in line with India's "Ease of Doing Business initiative", Prasad said.
The FTA was agreed upon at a multilateral meeting in Bali in 2013. The pact will enter into force once two-thirds of WTO members complete their domestic ratification process. So far 69 WTO members have ratified this pact. (SH)
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