WTO Trade Facilitation Agreement & its Status in India
Abstract
Dilip G. Maheshwari*, Sampann Tannk1
The World Trade Conference during the BALI summit of 2013 introduced the Trade Facilitation Agreement, in order to reduce the trade related barriers at international borders. Various customs clearance and cross border formalities have become a major barrier in the ease of trade. WTO introduced the TFA with a view to harmonize and rationalize the trade related documentation and procedures for cross border trading. The TFA, which aims to reduce bureaucracy at borders, has the potential to provide a $1-trillion boost to global economy. India has made its stance clear that it will not easily give in to pressure from the Western world over trade protocols of the World Trade Organization, as was also discussed during the talks in Bali in December 2013. India fears that agreeing to the trade facilitation agreement (TFA) could compromise its own food security. In regarding to the same India through discussion and dispute settlement is on the verge of finalizing and signing to this agreement. Currently it is under consideration as up to what extent should India implement the TFA. Various modifications would be required in the EXIM policy of India to implement the TFA. It is forecasted that Indian Pharmaceutical export would experience a rise of 2 folds in Pharmaceutical exports and also would reach to the nations where currently our manufacturers are facing a large amount of Trade related barrier. Thus signing this agreement will not only streamline the imports to our country but will also enhance the globe limits of Indian Pharmaceuticals.
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