The WTO's trade facilitation pact will help promote global trade in several ways such as facilitating movement of goods and effective functioning of ports, Commerce Minister Nirmala Sitharaman today said.
She said that the implementation of the agreement will also help in reducing transactions costs, cut turnaround time of ships, which comes with cargo and provide real time information on data.
"I look forward for the rapid improvement in the ways in which we handle our trade. Customs and Commerce will work together," she told reporters here.
The agreement, which seeks to ease customs norms, came into effect yesterday with two-thirds of WTO members ratifying the pact.
The minister said India would fund all its projects like upgradation and digitising infrastructure for implementation of the WTO's trade facilitation agreement (TFA).
She also said that the Shipping Ministry along with the Customs and the Commerce departments are working to strengthen logistics support for traders.
"It will lead to reduction in transactions cost," she added.
The ministry, she said, is also talking with Railways Ministry on this issue.
They are also identifying areas which requires legislative changes for the smooth implementation of TFA.
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