Government today said it has retified the Trade Facilitation Agreement (TFA) of the WTO and the pact aims to expedite the movement, release and clearance of goods, including goods in transit.
"India has ratified the Trade Facilitation Agreement (TFA) of the World Trade Agreement (WTO) and the instrument of Acceptance for Trade Facilitation Agreement was handed over to WTO Director-General by India on April 22, 2016," Minister of State for Commerce and Industry Nirmala Sitharaman said in a written reply to Rajya Sabha.
The Trade Facilitation Agreement will enter into force once two-thirds of WTO members have completed their domestic rectification process, Sitharaman added.
India is the 76th WTO member to accept the TFA.
TFA 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," the Minister said.
She said the ratification of the WTO's TFA will help in improving border procedures, and also help further India to boost economic growth by reducing trade costs, improve trade flows and reap benefits from international trade.
On India European Union Bilateral Trade and Investment Agreement (BTIA), Sitharaman said negotiations are underway and 16 rounds of negotiations have been held so far.
"Recently, two rounds of stock-taking have taken place on January 18, 2016, and February 22, 2016. We are committed for an early and balanced outcome of the negotiations," she said.
Asked whether the WTO deal in Nairobi is a huge setback for India, the Minister said," At the Ministerial Conference of the WTO held in Nairobi, Kenya in December 2015, Ministerial decisions were adopted on some agricultural issues and issues of importance of developing countries and least developed countries."
Sitharaman noted that decisions in the WTO are mostly taken by consensus and India joined the consensus in agreeing to the outcomes of Nairobi Ministerial Conference, after ensuring that its interest were protected.
