Full implementation of FTAs is estimated to reduce trade costs by an average of 14.3% and boost world trade by up to $1 trillion per year, with the highest growth in the poorest countries. For the first time in the history of the WTO, the implementation of the agreement is directly linked to the country`s ability to do so. A Trade Facilitation Mechanism (TFAF) has been set up to ensure that developing and least developed countries receive the assistance they need to take full advantage of the benefits of the TFA. Bureaucratic delays and “bureaucracy” weigh on traders for cross-border trade. Trade facilitation – the simplification, modernization and harmonization of export and import processes – has therefore become an important issue for the global trading system. The WTO, WTO members and other intergovernmental organizations, including the World Bank, the World Customs Organization and the United Nations Conference on Trade and Development (UNCTAD), provide appropriate links www.wto.org/english/news_e/news17_e/fac_31jan17_e.htm www.tfafacility.org/ratifications www.ictsd.org/bridges-news/bridges-africa/news/wtos-trade-facilitation-agreement-takes-effect www.iru.org/resources/newsroom/spotlight-tir-world-trade-organizations-trade-facilitation-agreement-comes-force-technical assistance to facilitate trade. In July 2014, the WTO announced the creation of a trade facilitation mechanism that helps developing countries and LDCs implement the Trade Facilitation Agreement. The facility came into force on 27 November 2014 with the adoption of the Trade Facilitation Protocol. India has completed most of the consultation process on the Trade Facilitation Agreement (TFA). It is likely that the central government will soon approve the WTO agreement. That`s what Trade Minister Rita Tewatia told the International Chamber of Commerce on Tuesday. Question: Which of the following statements relates to the WTO Trade Facilitation Agreement (Trade Facilitation Agreement)? 1. The agreement began in 2011 with the Doha Dialogue.
2. The agreement was submitted for ratification with effect from November 2014. 3. The agreement came into force on 22 February 2017. (a) Only 1 and 2 b) only 2 and 3 c) only 1 and 3 d) 1, 2 and 3 All responses (b) Related Facts India has decided not to sign the World Trade Organization (WTO) Trade Facilitation Agreement (TFA).