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#fta #un #wto

Trade Facilitation Agreement (TFA)

  1. The TFA is the WTO’s first-ever multilateral accord that aims to simplify customs regulations for the cross-border movement of goods. It was outcome of WTO’s 9th Bali (Indonesia) ministerial package of 2013
  2. The agreement includes provisions for Lowering import tariffs and agricultural subsidies: It will make it easier for developing countries to trade with the developed world in global markets
  3. Abolish hard import quotas: Developed countries would abolish hard import quotas on agricultural products from the developing world and instead would only be allowed to charge tariffs on amount of agricultural imports exceeding specific limits
  4. Reduction in red tape at international borders: It aims to reduce red-tapism to facilitate trade by reforming customs bureaucracies and formalities
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Daily Current Affairs for IAS UPSC Exam Preparation – Civilsdaily
s reforms and modernization The WCO maintains the international Harmonized System (HS) goods nomenclature, and administers the technical aspects of the World Trade Organization (WTO) Agreements on Customs Valuation and Rules of Origin <span>Trade Facilitation Agreement (TFA) The TFA is the WTO’s first-ever multilateral accord that aims to simplify customs regulations for the cross-border movement of goods. It was outcome of WTO’s 9th Bali (Indonesia) ministerial package of 2013 The agreement includes provisions for Lowering import tariffs and agricultural subsidies: It will make it easier for developing countries to trade with the developed world in global markets Abolish hard import quotas: Developed countries would abolish hard import quotas on agricultural products from the developing world and instead would only be allowed to charge tariffs on amount of agricultural imports exceeding specific limits Reduction in red tape at international borders: It aims to reduce red-tapism to facilitate trade by reforming customs bureaucracies and formalities. The Hindu July 22, 2017 [op-ed snap] The need for lateral entry in civil services [imagelink] Image source Note4studert


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