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WTO's TFA will boost, facilitate Indian exports: FIEO
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Saurabh Gupta | 23 Feb, 2017
The apex exporters' body Federation of Indian Export Organizations (FIEO) hails WTO's Trade Facilitation Agreement (TFA) and said that the move will boost and facilitate Indian exports.
The "Trade Facilitation Agreement" (TFA), the first multilateral agreement in the WTO's 21-year history, ratified by 2/3rd members of WTO to become a reality. The WTO's trade facilitation agreement, which seeks to ease customs norms, has come into effect from Wednesday with its two-thirds members ratifying the pact.
The TFA, which has been ratified by India, will give a boost to the global trade, which has been impacted due to slowdown in the world economy.
S C Ralhan, President - FIEO, said, "TFA is expected to reduce trade costs by an average of 14.3 percent, with developing countries reaping most of the gains TFA's main feature."
He said, "TFA is its resolve to harmonize global rules for the movement, clearance and release of goods. It will make trade-related administration easier and less costly, thus helping to provide an important and much needed boost to global economic growth. The Agreement is expected to add to global growth by 0.5 percent."
The Indian exim community will be immensely benefited with stakeholders consultation mandated before effecting any change.
There will be considerable lead time available, before implementing a change, which will by and large address the problems of the shipments which are in the pipeline and presently get stuck due to policy procedural changes, said FIEO Chief.
TFA will also require setting up of the enquiry points which will bridge the information gap which exists particularly for small & medium companies. The rationalization of the charges levied by different agencies will also help in reducing the transaction cost.
Ralhan, however, said that TFA should not be expected to address the rising protectionism in the world. However, there are instruments, which already exists in the WTO Agreement to adequately address this concern.
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Exports
chan | Thu Feb 23 15:57:41 2017
Will boost exports.
IT
Chan | Thu Feb 23 15:56:10 2017
Silicon Valley will suffer.
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