Union Cabinet gives approves Trade Facilitation Agreement
The Union Cabinet has approved a proposal to notify the Trade Facilitation Agreement (TFA) of the World Trade Organization (WTO). Decision in this regard was taken by Union Cabinet meeting chaired by Prime Minister Narendra Modi in New Delhi as per India’s consonance of ‘ease of doing business’ initiative. The proposal regarding ratification and acceptance of the instrument of acceptance of protocol of TFA to WTO Secretariat was also approved by the Union Cabinet. National Committee on Trade Facilitation The Union Cabinet also has decided to constitute National Committee on Trade Facilitation (NCTF) to facilitate both domestic coordination and implementation of the provisions of the Agreement. NCTF will be set up under the Joint Chair of Secretary under the aegis of Union Ministry of Commerce and Industry’s Department of Revenue and Secretary, Department of Commerce. What is Trade Facilitation Agreement (TFA)? The TFA is the WTO’s first-ever multilateral accord