The Government has ratified the Trade Facilitation Agreement (TFA) of the WTO and the pact aims to expedite the movement, release and clearance of goods, including goods in transit. India has ratified the Trade Facilitation Agreement (TFA) of the World Trade Agreement (WTO) and the instrument of Acceptance for Trade Facilitation Agreement was handed over to WTO Director-General by India on April 22. The pact will come into force once two-thirds of WTO members have completed their domestic rectification process.

Did You Know?

• The WTO is a rules-based, member-driven organization — all decisions are made by the member governments, and the rules are the outcome of negotiations among members.
• The WTO is run by its member governments.
• The WTO agreements cover goods, services and intellectual property. They spell out the principles of liberalization, and the permitted exceptions.
• WTO agreements require governments to make their trade policies transparent by notifying the WTO about laws in force and measures adopted.
• The Trade Facilitation Agreement contains provisions for expediting the movement, release and clearance of goods, including goods in transit. It also sets out measures for effective cooperation 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.