The Cabinet approved the proposal for Notification of Commitments under the TFA of WTO, ratification and acceptance of the Instrument of Acceptance of Protocol of TFA to the WTO Secretariat and constitution of the National Committee on Trade Facilitation (NCTF), said IT and Telecom Minister Ravi Shankar Prasad.
The committee will be co-chaired by the secretaries of revenue and commerce, he said.
TFA contains provisions for expediting the movement, release and clearance of goods, including goods in transit.
These objectives are in consonance with India's "Ease of Doing Business initiative", said the minister while briefing about the decisions taken by the Cabinet headed by Prime Minister Narendra Modi.
The FTA was agreed upon at a multilateral meeting in Bali in 2013. The pact will enter into force once two-thirds of WTO members complete their domestic ratification process. So far 69 WTO members have ratified this pact.
The NCTF would be set up under the Joint Chair of Secretary, Department of Revenue and Secretary, Department of Commerce to facilitate both domestic coordination and implementation of the provisions of the Agreement.