India has opposed binding commitments for faster clearances of cross-border merchandise by the World Trade Organisation (WTO), stating it has already implemented several commitments under the global trade facilitation agreement (TFA).
“New Delhi told the WTO that countries should not be saddled with binding commitments,” a Geneva-based official told The Economic Times.
Moneycontrol could not independently verify the report.
This comes after Brazil, Columbia, Japan and the United States argued for speed because “trade is a critical channel for getting essential products to those in need,” the report said.
India also informed these members that more than 73 percent of its TFA commitments were put into place and implemented ahead of schedule, it added.
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Welcoming India's implementation of improved transparency in customs practices and allowing the processing of goods before arrival, the US responded that these will have “immediate impact” on traders, the official added.
They said that the US acknowledged India as an example of how the TFA helps traders respond to the pandemic.
Part of the WTO’s 2013 Bali package, this agreement seeks to reduce the cost of global trade by over a trillion dollars. It covers provisions such as advance rulings, customs cooperation, import-export of goods and information sharing.
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