The government will set up a panel to implement the trade facilitation agreement (TFA) of the World Trade Organisation (WTO), which envisages faster clearances and reduction of red tape at the borders to boost exports and imports.
India formally endorsed the TFA at the WTO last month.
Chairing the consultative committee meeting on ‘Implementation of TFA’ here on Monday, commerce minister Nirmala Sitharaman said while India has made rapid strides in streamlining processes on the line of international best practices, it needs to ensure speedy legislation in certain areas so that there are visible beneficial outcomes. The objectives of the TFA are in consonance with India’s ease of doing business initiatives, she said.
The TFA is projected to cut costs of trade by an average 14.5% and the impact could be greater than elimination of all remaining tariffs, according to WTO director-general Roberto Azevêdo. The TFA in goods was endorsed by the WTO in Bali during 2013.
The proposed national committee on trade facilitation will domestically coordinate and implement the TFA, the commerce ministry said on Tuesday.
The NCTF would institutionalise the coordination mechanism in such a manner that more than 35 departments, private players and state governments who have international borders are on the same page so far as trade facilitation is concerned, the ministry said.
Dashboard on trade data launched Sitharaman on Tuesday launched a dashboard on exim analytics, as part of her ministry’s efforts to provide easier access to data for meaningful analysis of the country’s trade performance.
The dashboard on exim analystics “represents data graphically exposing patterns, trends and co-relations that might go undetected in text-based formats”, the ministry said. The dashboard uses the merchandise trade data being provided by the Directorate General of Commercial Intelligence and Statistics.