India Cleared Trade Facilitation Agreement of WTO

India on 22 April 2016 ratified the new Trade Facilitation Agreement (TFA) of World trade Organisation (WTO). WTO ambassador of India, Anjali Prasad, handed over the country’s instrument of acceptance to WTO’s Director-General Roberto Azevêdo.
The ratification of the TFA will help India further boost economic growth by reducing trade costs and supporting its integration into the global economy.
• The agreement contains provisions for expediting the movement, release and clearance of goods, including goods in transit which was concluded at the WTO’s 2013 Bali Ministerial Conference.
• It also sets out measures for effective cooperation between customs and other appropriate authorities on trade facilitation and customs compliance issues.
• It further contains provisions for technical assistance and capacity building in this area.
• It will enter into force once two-thirds of the WTO membership has formally accepted the agreement. 
• India submitted its Category A notification to the WTO on 18 March 2016, with an indication of which provisions of the TFA it intends to implement upon entry into force of the Agreement.