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Centre clears WTO trade facilitation deal
The Union Cabinet on Wednesday accorded approval to the World Trade Organization\'s (WTO) trade facilitation agreement (TFA) -- reached in December 2013 and which could increase global merchandise exports by up to $1 trillion annually.
New Delhi: The Union Cabinet on Wednesday accorded approval to the World Trade Organization's (WTO) trade facilitation agreement (TFA) -- reached in December 2013 and which could increase global merchandise exports by up to $1 trillion annually.
"The cabinet today (Wednesday) approved the proposal for notification of the commitment to the trade facilitation agreement under the WTO," Telecom Minister Ravi Shankar Prasad told reporters here after the meeting.
Explaining that the cabinet approval was part of the TFA ratification process by WTO members towards increasing ease of doing business, Prasad said that a committee on trade facilitation is being constituted. "A national committee on trade facilitation will be formed,
which will have the secretaries of revenue and commerce as co-chairs," he said. The TFA, approved by 160 WTO members, aims to streamline and harmonise customs procedures to bring an estimated saving of over $1 trillion annually.
