Wto Trade Facilitation Agreement India

Posted by | October 17, 2021 | Uncategorized | No Comments

The World Trade Report 2015 estimates that full implementation of trade facilitation efforts, such as simplifying red tape, modernizing procedures and harmonizing customs requirements, can reduce trade costs equivalent to an ad valorem tariff of 134% on a product in high-income countries and a customs equivalent of 219% in developing countries by an average of 14.3%. Trade facilitation has therefore become an important issue for the global trading system. “I am very pleased to receive India`s instrument of ratification from Ambassador Prasad,” said DG Azevêdo. “India is now one of the most dynamic economies in the world and has become one of the main beneficiaries of foreign investment. Ratification of the WTO Trade Facilitation Agreement will help India further boost its economic growth by reducing trade costs and supporting its integration into the global economy. India has also established the National Committee for Trade Facilitation (NCTF), which is to act as a national body that can facilitate effective national coordination and implementation of the provisions of the TFA. This is crucial to enable effective coordination between several trade-related laws and agencies, such as the Livestock Import Act, 1898, the Food Safety and Standards Act, the Land Ports Authority of India Act, 2010, etc. Their success, however, will depend on the growing wave of trade protectionism around the world and stronger voices against trade liberalization, such as US President Donald Trump. The agreement, which has been ratified by 112 countries, or more than two-thirds of all member states, will facilitate trade processes, reduce barriers to trade and improve the ability of developing countries to better engage with member states. In addition to electronic filing, ICEGATE also offers electronic payments, online registration for intellectual property rights, document tracking status with Customs EDI, online verification of certain licenses and links to various other important websites and information on customs affairs. IceGATE also offers 24/7 support to its dealers. These measures are steps to comply with TFA`s obligations regarding the release and clearance of goods, as well as formalities and documentation obligations. The preliminary rulings allow operators to know in advance and with certainty their customs duties for their planned imports into India and their planned exports from India.

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