Current Affairs PDF

India signed World Trade Organization’s Trade facilitation agreement

AffairsCloud YouTube Channel - Click Here

AffairsCloud APP Click Here

Headquarter: Geneva
Director General: Roberto Azevedo

India officially signed the World trade organization’s trade facilitation agreement

Aim:Make easier at customs procedures to boost commerce

Union Government Commerce and Industry minister Nirmala Sitharaman expressed her views that move would supplement India’s ongoing reforms to bring in simplification and transparency in cross-border trade in goods.WTO

  • The Instrument of Acceptance has been handed over by the India’s WTO ambassador Anjali Prasad to WTO director General Roberto Azevedo.
  • On receiving the Instrument of Acceptance, WTO head expressed his bliss and told that he was very pleased to receive the Instrument of Ratification.
  • And he added that our nation is one of the most dynamic economies and progressing exponentially and has become top in destination for Foreign Investment.

Advantages of WTO trade Facilitation Agreement ratification:

  • It will help us to further develop economic growth by reducing Trade Costs
  • Would give supports to integrate the economy into the world Economy
  • It contains provisions for expediting the movement, release and Clearance of Goods and its transit, decision was taken at WTO’s 2013 Bali Ministerial Conference
  • Ensures the measures for effective cooperation between customs and other appropriate authorities on trade facilitation and customs compliance issues
  • It contains provisions for technical assistance and capacity building
  • It will be come into force effectively once it is approved by the Two third members of the WTO and officially adapt to ensure the following advantages

India will be 76th WTO member to accept the Trade Facilitation Agreement.