WTO makes Trade Facilitation Agreement Facility operational
The Dollar Business Bureau (Pic. Source - WTO) The World Trade Organisation (WTO) has advanced the date to find a permanent solution on public stockholding and food security programmes from 2017 to December 31, 2015, and has made the Trade Facilitation Agreement (TFA) Facility operational. At a meeting of the General Council yesterday, Roberto Azevêdo, Director-General, WTO, congratulated the 160 members for adopting decisions related to public stockholding for food security programmes, the TFA and the post-Bali work. He said, “WTO work is back on track.” Three decisions were arrived at the General Council meeting. The first decision was about finding a permanent solution on public stockholding for food security purposes by 31 December 2015. Members have also ...
India agrees to support implementation of WTO Trade Facilitation Agreement
The Dollar Business Bureau | @TheDollarBiz Ms. Nirmala Sitharaman, Minister of State for Commerce & Industry (Independent Charge), announcing the breakthrough in WTO TFA talks in New Delhi on November 13, 2014 (Pic. source - Ministry of Commerce) After months of resistance, India has agreed to support the implementation of the World Trade Organisation’s Trade Facilitation Agreement (TFA). The TFA is considered the biggest breakthrough since the formation of the WTO and a major reform in multilateral trade. The TFA aims to reduce trade barriers, simplify trade procedures and reduce trade costs significantly. According to WTO estimates, the TFA has the potential to add over $1 trillion to the global economy. In the Bali conference last year, WTO members had agreed ...
European Union deeply disappointed with Indias rigidity on Trade Facilitation Agreement
The Dollar Business Bureau | @TheDollarBiz The Council of the EU Justus Lipsius building (Source - The Council of the European Union) The EU is deeply disappointed with India's decision to block the adoption of the Trade Facilitation Protocol, thereby preventing the 160 WTO member countries to proceed with their ratification procedures and stalling the implementation of an agreement which could have brought tremendous benefits to the global economy and specifically to developing countries, the European Commission told The Dollar Business. It said that the link made by India between the Trade Facilitation Agreement (TFA) and the public stockholding issue is of grave concern to the EU as under the Bali deal, in exchange for the TFA, India obtained a peace ...
