Consider the following statements:

1. India has ratified the Trade Facilitation Agreement (TFA) of WTO.
2. TFA is a part of WTO’s Bali Ministerial Package of 2013.
3. TFA came into force in January 2016.

Which of the statements given above is/are correct?

1. 1 and 2 only
2. 1 and 3 only
3. 2 and 3 only
4. 1, 2 and 3

Explanation

Statement 1 is correct

• India ratified the WTO’s Agreement on Trade Facilitation (TFA) in April 2016 and constituted the National Committee on Trade Facilitation (NCTF) Committee, which is part of the mandatory, institutional arrangement of the TFA. The TFA contains provisions for expediting the movement, release and clearance of goods, including goods in transit.
• It also sets out measures for effective cooperation between customs and other appropriate authorities on trade facilitation and customs compliance issues.

Statement 2 is correct, and statement 3 is incorrect

• WTO members concluded negotiations at the 2013 Bali Ministerial Conference on the Trade Facilitation Agreement (TFA), which entered into force on 22 February 2017 following its ratification by two-thirds of the WTO membership.

Answer: (a) 1 and 2 only; Difficulty Level: Hard