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?
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?
The correct option is A Only 1 & 2
India is the 71st country to give nod to the agreement that seeks to ease customs procedures to boost commerce.
The TFA shall enter into force for the notified members (107 countries) upon acceptance by two-third WTO Members.
The TFA contains provisions for expediting the movement, release and clearance of goods, including goods in transit. India decided against signing WTO's Trade Facilitation Agreement. It also sets out measures for effective cooperation between customs and other appropriate authorities on trade facilitation and customs compliance issues. These objectives are in consonance with India’s “Ease of Doing Business” initiative.
Besides, Union Cabinet also approved the constitution of the National Committee on Trade Facilitation (NCTF). NCTF will be set up under the Joint Chair of Secretary, Department of Revenue and Secretary, Department of Commerce.
Only 1 & 2
India is the 71st country to give nod to the agreement that seeks to ease customs procedures to boost commerce.
The TFA shall enter into force for the notified members (107 countries) upon acceptance by two-third WTO Members.
The TFA contains provisions for expediting the movement, release and clearance of goods, including goods in transit. India decided against signing WTO's Trade Facilitation Agreement. It also sets out measures for effective cooperation between customs and other appropriate authorities on trade facilitation and customs compliance issues. These objectives are in consonance with India’s “Ease of Doing Business” initiative.
Besides, Union Cabinet also approved the constitution of the National Committee on Trade Facilitation (NCTF). NCTF will be set up under the Joint Chair of Secretary, Department of Revenue and Secretary, Department of Commerce.
