Consider the following statements:
$1$ . The Trade Facilitation Agreement (TFA) is the outcome of WTO's Bali (Indonesia) ministerial package of $2013$ .
$2$ . To facilitate TFA, the Government of India(GoI) released National Trade Facilitation Action Plan (NTFAP)
Which of the given statements is/are correct?

1

only

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2

only

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Both

1

and

2

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None of the above

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Solution

The correct option is A $1$ only
The TFA is the WTO's first-ever multilateral accord that aims to simplify customs regulations for the cross-border movement of goods. It is the outcome of WTO's 9th Bali (Indonesia) ministerial package of 2013. After the adoption of Free Trade Agreement with WTO, the GOI released National Trade Facilitation Action Plan (NTFAP), which aimed to cut cargo release time for exports and imports as part of measures to boost goods trade.

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Similar questions

Union Cabinet approved Trade Facilitation Agreement (TFA) of the World Trade Organization (WTO).Consider the following statements:

1. India is the 1st country to give nod to the agreement that seeks to ease customs procedures to boost commerce.

2. The TFA shall enter into force for the notified members (107 countries) upon acceptance by one-third WTO Members.

3. National Committee on Trade Facilitation (NCTF) will facilitate both domestic coordination and implementation of the provisions of the Agreement.

Which of the above statements are incorrect?

1

2

With reference to the Trade Facilitation Council, consider the following statements:

1. It aims to facilitate trade from states to boost the country’s exports.

2. It will be headed by the Finance Minister.

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