Consider the following statements:
- India has ratified the Trade Facilitation Agreement (TFA) of WTO.
- TFA is a part of WTO’s Bali Ministerial Package of 2013.
- TFA came into force in January 2016.
Which of the statements given above is/are correct?
[UPSC Civil Services Exam – 2017 Prelims]
(a) 1 and 2 only
(b) 1 and 3 only
(c) 2 and 3 only
(d) 1, 2 and 3
- The Trade Facilitation Agreement (TFA) was one among the 10 agreements of the deal the WTO members (including India) had agreed upon in December 2013 Bali Ministerial meeting. Hence statement 2 is correct.
- The TFA seeks to speed up global trade by reforming customs procedures and cutting red tape.
- India had agreed to sign the TFA by July 31st 2014, which aims at easing customs procedures to boost commerce. Hence statement 1 is correct.
- TFA came into force in February 2017 after the ratification of the 2/3rd members of the WTO. Hence statement 3 is incorrect.