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The Dollar Business Bureau India’s proposal on Trade Facilitation Agreement (TFA) in Services at the World Trade Organisation (WTO) has got mixed response from the member nations, Commerce and Industry Minister Nirmala Sitharaman has informed the Parliament. India had circulated the proposed draft text on the TFA in Services at WTO in February this year. The draft has been discussed at relevant bodies of the WTO, said Sitharaman said in a written response to the Rajya Sabha. The proposal offers an outline for addressing various barriers to trade in services in a holistic and comprehensive manner, she said. “India’s proposal received a mixed response from the WTO members. Some members appreciated India’s proposal as being comprehensive in scope and well balanced,” the Minister said. “However, various developing and developed ...

The Dollar Business Bureau A senior trade delegation from the Indian Ministry of Commerce will soon visit Geneva to hold talks with the World Trade Organisation (WTO) to negotiate and find the solution on food security. Commerce and Industry Minister Nirmala Sitharaman underscored that the delegation will ensure that India's proposal for trade facilitation agreement (TFA) in services sector gathers momentum. Earlier, Sitharaman and WTO Director General Roberto Azevedo held a meeting during which the two brought out the food security issues. The Indian Commerce Minister underlined that the delegation will highlight both food security and services issues with the WTO. "The team which will be going to Geneva will also see that TFA in services is taken at various stages so that it ...

The Dollar Business Bureau The government, on Monday, said that the ratification of the Trade Facilitation Agreement (TFA) will transform the Indian trade and bring transparency in trade process; thereby giving impetus to the country’s ease of doing business initiatives. “The TFA envisages faster clearances and reduction of red tapism at the borders and would thereby help in the ease of doing business,” Commerce Minister Nirmala Sitharaman, said on Tuesday. In her words, the TFA ratification, once put in place, will enable the member countries to share best trade practices. “While we have made rapid strides in streamlining our processes on the line of international best practices, we need to ensure speedy legislation, so that there are visible beneficial outcomes,” She stated. Addressing the ...

Trade Facilitation Agreement (TFA), which was concluded by the WTO in Bali in 2013, aims at easing customs procedures to boost global commerce. Sources: PTI Teaotia also said that WTO members should move forward on liberalising the services sector as the segment assumes key importance for developing countries like India.India has completed most of the consultation process related with the WTOs trade facilitation agreement and the government is expected to ratify it at the earliest. Trade Facilitation Agreement (TFA), which was concluded by the WTO in Bali in 2013, aims at easing customs procedures to boost global commerce. Commerce Secretary Rita Teaotia said the agreement is important for boosting trade, simplifying customs rules and reducing the cost of trading. We are fully committed to ...

The Dollar Business Bureau      India’s services exports fell by 3.8% to $12.01 billion in November 2015 over the corresponding month of 2014, according to the RBI data on International Trade in Services. In October 2015, the accumulative services exports stood at $13.34 billion. Import of services too fell by 7.6% to $5.69 billion during the month as compared to that of November 2014. Total imports during October 2015 were $7.01 billion. The services sector contributes an average 55% to the country's gross domestic product (GDP). “Monthly data on services are provisional and would undergo revision when the Balance of Payments (BoP) data are released on a quarterly basis,” the RBI said in a statement. However, the Director General of Foreign ...

TFA in services means liberalised visa regime such as multiple entry visas, visa-free travel for foreign tourists and long term visas for business community Source: PTI The Commerce Ministry is holding consultations with stakeholders on the matter and several experts and industry people are in favour of such agreements   India will pitch for a trade facilitation agreement (TFA) in services at the WTO and other bilateral free trade pacts as the sector has huge potential and it contributes significantly in the country's economy. India is already pushing hard for a comprehensive trade pact in the services sector, a key area of interest for the country, in the ongoing free trade agreement negotiations including with the European Union and Regional Comprehensive Economic Partnership (RCEP). After ...

The Dollar Business Bureau The implementation of the Trade Facilitation Agreement (TFA) — a proposed deal which seeks to ease cross-border transactions — is likely to benefit developing nations significantly, World Trade Organisation (WTO) has said. In its world trade report released on October 26, the global body said the enforcement of TFA can increase global merchandise exports by up to $1 trillion per annum, with the developing nations capturing more than half of the available gain. “The TFA could help developing countries diversify their exports, increase their involvement in global value chains, expand the participation of small and medium enterprises in international trade, help to attract more foreign direct investment, increase government revenues and reduce corruption,” WTO said in a ...

Source: PTI The government is working on internal processes to ratify WTO's trade facilitation agreement (TFA), which looks to ease Customs procedures to boost trade, a senior commerce ministry official today said. "India is fully committed to honouring its international obligations and is working on its notification commitments as well as internal processes for ratifying the agreement," the official said. Last year, India had decided not to join the consensus at WTO on TFA implementation till its concerns on implementation of public stockholding for the food security purpose were addressed. Once this was done through a decision of WTO's General Council, the highest decision-making body of the organisation, India joined the consensus on implementing TFA. TFA aims at simplifying Customs rules, ...