The trade facilitation agreement, also known as TFA, is a landmark agreement that was signed by 164 countries, including India, in December 2013, at the ninth ministerial conference of the World Trade Organization (WTO) held in Bali, Indonesia. The TFA aims to simplify and expedite cross-border trade by reducing bureaucracy and enhancing transparency in customs procedures.
India, being a strategic player in global trade, views the TFA as a significant agreement. The TFA will have a significant impact on Indian exports and imports and is expected to boost the country`s foreign trade growth by reducing costs and time in cross-border transactions.
The Indian government ratified the TFA in April 2016, making it the 76th country to ratify the agreement. The Indian government has committed to implementing the agreement`s provisions and has undertaken several measures to do so. India has implemented an electronic system for clearing goods at customs, a single-window system for customs clearance, and a risk-based management system for customs compliance.
Indian Express, one of India`s leading newspapers, has been following the TFA`s implementation in India closely. In a recent article, Indian Express reported that the country`s exports have increased by 13.7% since the implementation of the TFA, indicating its positive impact on the country`s foreign trade.
The article highlighted that the TFA`s implementation has been challenging for India, with several infrastructure and logistical issues impeding its progress. The Indian government has addressed these issues by investing in infrastructure and simplifying procedures, resulting in an improvement in India`s ranking on the World Bank`s ease of doing business index.
In conclusion, the TFA is a significant agreement for India, given its strategic position in global trade. The Indian government has taken several measures to implement the agreement`s provisions and has seen positive results, such as an increase in exports. Indian Express` coverage of the TFA`s implementation in India has been instrumental in informing the public of the agreement`s impact on the country`s foreign trade.