Trade Facilitation Agreement (TFA)
- Trade Facilitation Agreement (TFA) envisages faster clearances and reduction of red tapism at the borders and would thereby help in the ease of doing business.
- TFA is bound to change the Indian trade and would bring more transparency in trade process.
- after TFA ratification, the world wide best trade practices would be shared among the member countries.
- She said while we have made rapid strides in streamlining our processes on the line of International best practices, in several areas, we need to ensure speedy legislation so that there are visible beneficial outcomes through trade facilitation. member countries would seek to simplify trade procedures and help promote cross border trade, bring greater predictability to traders and help improve the overall climate for trade and investment.
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- TFA is supposed to enable domestic manufacturers, particularly Small and Medium Enterprises, connect more easily to regional and Global Value Chains.
- TFA 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. Smt. Sitharaman said these objectives of TFA are in consonance with India’s ease of doing business initiative.