India ratifies WTO's trade agreement to boost commerceStaff writer ▼ | April 25, 2016
India said it has formally ratified the WTO’s trade facilitation agreement, which aims at easing customs procedures to boost commerce.
Trade deal Easing customs procedures in India
India’s WTO ambassador Anjali Prasad has handed over the instrument of acceptance to WTO Director-General Roberto Azevedo.
“I am very pleased to receive India’s instrument of ratification,” Azevedo said.
He said that India is one of the most dynamic economies in the world and has become a top recipient of foreign investment.
Concluded at the WTO’s 2013 Bali Ministerial Conference, the TFA contains provisions for expediting the movement, release and clearance of goods, including goods in transit.
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. The TFA will come into force once two-thirds of WTO members formally accept the Agreement. India is the 76th WTO member to accept the TFA.
The WTO in a statement said that on March 18, India submitted its “Category A notification” to the WTO indicating which provisions of the TFA it intends to implement upon entry into force of the Agreement. ■