Cabinet clears proposal to ratify WTOs trade facilitation pact
The TFA apart from speeding up the movement of goods that included shipments in transit, it also sets out measures for effective cooperation between customs and other appropriate authorities on trade facilitation and customs compliance issues The Dollar Business Bureau On Wednesday, the Union Cabinet chaired by Prime Minister Narendra Modi also approved the instrument of acceptance to be submitted by the government to the WTO Secretariat. The Union Cabinet has given its nod to a proposal for ratification of the Trade Facilitation Agreement (TFA) of the World Trade Organization (WTO), which seeks to ensure quick and smooth flow of goods in the international trade. So far, 69 of 162 members of the global body has ratified the TFAan outcome of the Bali ...
India to ratify WTO trade facilitation pact: Commerce Secretary
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 ...
India to pitch for trade facilitation pact in services at WTO
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 ...
No hitch in permanent solution on food security at WTO: Commerce Minister
Source: PTI WTO acceptance enabled India to continue procurement and stocking of foodgrain for distribution to the poor under its food security programme without attracting any kind of action from WTO members Members of the WTO will have to provide permanent solution to India's food security issue and the country does not see any “hitch” in that, Commerce and Industry Minister Nirmala Sitharaman has said. “Peace clause is with us and it's only natural that they (WTO) have to give a permanent solution. How it is going to be given... I do not see any hitch in that. Whether it is going to happen before Nairobi meet or not is get to be seeing,” Sitharaman told PTI. Ending months-long deadlock, ...
Developing nations to be net gainers in trade facilitation agreement: WTO
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 ...
Trade Facilitation Agreement will reduce transaction costs: WTO Chief
The Dollar Business Bureau The Bali Trade Facilitation Agreement (TFA) will make the movement of goods across borders faster, easier and cheaper. It is estimated that this Agreement will reduce trade costs by up to 15% in developing countries. The above statement was made by World Trade Organisation (WTO) Director-General (DG) Roberto Azevêdo, at an information sharing session in Kuala Lumpur recently. Thanking Malaysia for agreeing to deposit its instrument of acceptance of the Trade Facilitation Agreement in the coming days, and hoping that Malaysia can help other members ratify the agreement as soon as possible, the DG urged Malaysia, as ASEAN chair, to continue to show leadership in advancing other WTO initiatives this year, including moving the Doha Development ...
Agri trade report widens India-US rift at WTO
The Dollar Business Bureau A report by an agricultural trade lobbying firm on developing nations especially India, might bring the equations between India and US back to square one. DTB Associates on Friday has reported that China, Turkey, Brazil, Thailand and India have hiked their minimum support prices for crops as also overlooked the permissible AMS (aggregate measure of support). For developing countries, under the Doha Declaration, special and differential treatment is integral to support these nations to comfortably meet their needs especially, food security. On Friday, the Unites States vis-à-vis the trade negotiation on agriculture, wanted to introduce the concept of “differentiation” among developing nations, which was not acceptable for countries like China and India. Asking US to ...
TFA key to the success of Make in India: WTO
The Dollar Business Bureau Roberto Azevêdo, Director-General, World Trade Organisation (WTO), has said that implementation of the Trade Facilitation Agreement (TFA) and reducing trade barriers will be crucial for the success of India’s “Make in India” programme. Speaking about India’s importance in policy measures that WTO plans to take this year, Azevêdo said, “It is in the interests of developing countries that the WTO is seen as an organisation that delivers. So we must succeed in these efforts — and, as ever, India’s leadership will be vital.” He added that there are several developing countries who are looking up to India to raise issues of importance. “That role carries real responsibility. And I think we are seeing India take ...
