-
Implementation of the Trade Facilitation Agreement (TFA) of the World Trade Organisation (WTO) will bring down the cost of exporters by up to Rs 15,000 per 40 equivalent units (TEU) of container, a senior Central Board for Excise and Customs (CBEC) official said here today.
-
India has submitted a proposal at the World Trade Organisation (WTO) to start discussions on trade facilitation agreement in services.
-
The existing wave of protectionism across the world will not render any solution for any nation, Director General of World Trade Organisation (WTO) Roberto Azevedo said on Wednesday, choosing not to comment on the United States' proposed H-1B visa policy.
-
The Trade Facilitation Agreement (TFA) will have a major impact on poorer countries, because it standardises and simplifies customs procedures, slashing the time, cost and complexity of taking goods over borders.
-
The cabinet has approved the constitution of the national committee on trade facilitation (NCTF) under the chair of cabinet secretary, Commerce and Industry Minister Nirmala Sitharaman said in a written reply to the Rajya Sabha.
-
The pact was agreed upon in at a multilateral meeting in Bali in 2013. It will take effect once two-thirds of the WTO members complete their domestic ratification process. So far 69 WTO members have ratified this pact.
-
Trade Facilitation Agreement (TFA), which was concluded by the WTO in Bali in 2013, aims at easing customs procedures to boost global commerce.
-
India is already pushing hard for a comprehensive trade pact in the services sector, a key area of interest for the country, in the ongoing free trade agreement negotiations including with the European Union and Regional Regional Comprehensive Economic Partnership (RCEP).
-
The Commerce Ministry will soon seek the Cabinet's approval for the WTO's trade facilitation agreement (TFA), which aims at easing customs procedures to boost commerce. "The ministry has received comments on the draft Cabinet note from all the departments and now the final note would be soon sent for Cabinet's consideration," an official said.
-
The WTO's General Council, the highest decision making body of the organisation, had accepted India's demand for extending the peace clause till a permanent solution is found for its food stockpiling issue.
-
Launched in 2011, the Doha Round of negotiations have remained virtually stalled since July 2008 when the trade ministers' meeting in Geneva collapsed due to differences between the rich and the developing nations.
-
The historic trade facilitation agreement (TFA) would now need to be ratified by governments of individual member countries, including India, for coming into effect which is expected some time next year.
-
The trade facilitation pact will be ratified after India‘s support. The Cabinet will have to ratify pact for implementing in India.
-
Speaking at a press conference in the capital today, Sitharaman said the WTO is in the best interest of the developing countries and the WTO General Council will consider India‘s proposal.
-
"We hope that the WTO member countries understand the position India has taken. It is not just for India, but in the interest of many countries which have public stock of food grain. These are issues of sovereign right of a country," said Commerce and Industry Minister Nirmala Sitharaman.
-
India is hopeful of a solution to the food stockpile issue at the WTO negotiations beginning next month at Geneva, which will also pave the way for signing of the trade facilitation agreement.
-
Hailing the trade facilitation agreement reached by the WTO members after hectic parleys, India Inc and exporters today said these will help developing countries like India to reduce transaction cost and improve competitiveness of domestic industry.
-
The Cabinet headed by Prime Minister Manmohan Singh decided to insist on solution to the subsidy breach issue prior to finalisation of Trade Facilitation Agreement even if it means that New Delhi will be blamed for any potential failure in Bali, sources said.
-
Although India is willing to negotiate on Trade Facilitation Agreement, it has raised few concerns over the proposed agreement as it would entail huge investments in creating infrastructure at ports and airports.
