TNPSC Current Affairs 2017 February 25

WTO's. Trade Facilitation Agreement has come into force from February 24 2017.

'TFA will simplify trade process , bring down Trade barriers and also enhance the capacity of the developing g nation to engage better with the global trading network. It estimates that full implementation could reduce trade cost by Avg 14.3% and boost global trade by $1 trillion/year.

'Trade Facilitation Agreement aim to easing the flow of trade between nation by simplifying customs procedures, speeding up clearance of goods, supporting cooperation among customs officials and making it quicker and more efficient for goods to cross borders.

‘Chad, Oman, Rwanda and Jordon are the four countries ratified  the agreement on Wednesday and now it become 112 countries to approve the deal.

 As per new WTO rules, any new or revised trade agreement required 1/3rd approval from member countries.

 As per the rules FTA has received 112 (1/3rd) member countries ratification out of 164 members of WTO

'Benefits for India.

'Once the full implementation of TFA which will decrease the trade costs. TFA is likely to reduce the time needed to import and also for export. TFA also increase the number of new products exported.

'Background

'Trade facilitation is a trade agreement which is aim to lowering global trade barriers which commenced in Ninth ministerial conference of the world trade organization in Bali, Indonesia on 3-7 December 2013.'It is a part of Doha development agenda of WTO which commenced on November 2001