New Delhi: The Union Cabinet chaired by Prime Minister Narendra Modi has approved the proposal for notification of commitments under the Trade Facilitation Agreement (TFA) of World Trade Organization (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).
The agreement 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. These objectives are in consonance with India’s “ease of doing business” initiative.
The agreement shall enter into force for the notified members upon acceptance by two-third WTO member countries.
To facilitate both domestic coordination and implementation of the provisions of the agreement, a national committee on trade facilitation will be set up under the joint chair of the secretary, Department of Revenue and Secretary, Department of Commerce.