The Cabinet today approved WTO's Trade Facilitation Agreement and decided to set up a national committee for overseeing the implementation of the TFA which aims to smoothen the flow of commerce globally.
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.
It also sets out measures for effective cooperation between customs and other appropriate authorities on trade facilitation and customs compliance issues.
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.
