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?

[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

Answer: (a)        

Explanation:

• 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.