Question

India ratified the new Trade Facilitation Agreement (TFA) of World trade Organization (WTO). Consider the following statements about the agreement:

Which of the above statements are correct?

• A. Only 1
• B. Only 2
• C. Both of these
• D. None of these

Answer 1

The correct option is C Both of these

Special Provisions & features of Trade Facilitation Agreement (TFA)

• The agreement contains provisions for expeditingthe movement, release and clearance of goods, including goods in transit which was concluded at the WTO’s 2013 Bali Ministerial Conference.
• It also sets out measures for effectivecooperation between customs and other appropriate authorities on trade facilitation and customs compliance issues.
• It further contains provisions for technical assistance and capacity building in this area.
• membership has formally accepted the agreement. India is the 76th WTO member to accept the TFA.
• India submitted its Category A notification to the WTO on 18 March 2016, with an indication of which provisions of the TFA it intends to implement upon entry into force of the Agreement.