The Trade Facilitation Agreement (TFA) was agreed upon Bali Ministerial meeting in December 2013. It is the WTO’s first-ever multilateral agreement that targets to streamline customs procedures for the cross-border movement of goods. It seeks to accelerate global trade by remodeling customs processes and cutting red tape. India has formally ratified the WTO’s (World Trade Organisation) Trade Facilitation Agreement.
The Trade Facilitation Agreement contains the provisions for
- Lowering agricultural subsidies and import tariffs
- Abolish hard import quotas
- Reduction in red tape at international borders