India has formally ratified the World Trade Organization’s (WTO) trade facilitation agreement, which aims at easing customs procedures to boost commerce. Commerce and industry minister Nirmala Sitharaman said the move would supplement India’s ongoing reforms to bring in simplification and enhanced transparency in cross-border trade in goods. India’s WTO ambassador Anjali Prasad has handed over the instrument of acceptance to WTO director-general Roberto Azevêdo.

• India is the 76th WTO member to accept the TFA, which will enter into force once two-thirds of WTO 162 members formally accepted the Agreement.
• The TFA was agreed upon at the WTO Ministerial Conference in Bali in 2013.
• The agreement aims at expediting the movement and clearance of goods, including goods in transit and establishing effective cooperation between customs and other authorities on trade facilitation and customs compliance issues.
• The implementation of the TFA has the potential to increase global merchandise exports by up to $1 trillion per year, according to the WTO’s 2015 flagship World Trade Report.

A Trade Facilitation Agreement Facility (TFAF) was also created at the request of developing and least-developed country members to help ensure that they receive the assistance needed to reap the full benefits of the TFA and to support the ultimate goal of full implementation of the new agreement by all members.