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WTO's Trade Facilitation Agreement comes into effect
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The Trade Facilitation Agreement (TFA) in Goods of World Trade Organisation (WTO) came into effect with its ratification by two-thirds members of WTO including India. The TFA in Goods was adopted by the WTO Members in 2014. It aims to streamline, simplify, standardise and ease customs procedures and norms. It will help to cut trade costs around the world.
About Trade Facilitation Agreement (TFA)
The TFA in Goods is the WTOs first-ever multilateral accord that aims to simplify customs regulations for the cross-border movement of goods. It was outcome of WTOs 9th Bali (Indonesia) ministerial package of 2013. The agreement includes provisions for Lowering import tariffs and agricultural subsidies: It will make it easier for developing countries to trade with the developed world in global markets. Abolish hard import quotas: Developed countries would abolish hard import quotas on agricultural products from the developing world and instead would only be allowed to charge tariffs on amount of agricultural imports exceeding specific limits. Reduction in red tape at international borders: It aims to reduce red-tapism to facilitate trade by reforming customs bureaucracies and formalities.
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