Trade Facilitation Agreement Pib

Shri Pandey pointed out that Indian Customs has revised its processes to improve trade facilitation and ease of business in the country, while continuing to play its traditional role. The focus has been increasingly on improving efficiency, reducing time and costs. He said trade initiatives had progressed rapidly and were in line with the WTO Trade Facilitation Agreement. As trade facilitation has become a global priority, simplifying procedures and harmonizing procedures has become the way forward for Indian Customs. There has been a change in mentality, from a regulator to that of moderator. Reactions have been mixed to India`s failure to entrust the regional economic partnership. India is often criticized for being a sidelined trade agreement and being a protectionist nation, but in fact, it`s the opposite. The country`s ratio to GDP of 43% is higher than China`s 38% and the UNITED States` 27%. This shows how important trade is for India, especially if it is to meet the 2024 target of a $5 trillion economy. Shri Jaitley thanked the WCO for its invitation to the inaugural meeting and said that the Policy Commission was an extremely important forum of the UNION and its role was very important for the global economy. If the global economy grows, trade itself will increase by 10%. He said that trade beyond the barriers of nations is an economic imperative of our time, which will intensify in the coming times. In addition, the increase in trade itself gives a boost to the global and domestic economy.

Shri Jaitley added that the main factor dominating global trade is the greater interest of consumers who are entitled to the best and cheapest performing goods and services. On 4 November 2019, India announced that it would not join the Regional Economic Partnership (RCEP), a free trade agreement (FTA) between the 10 ASEAN member countries and six of its partner countries with free trade agreements. The multi-modal Transportation of Goods Bill, 2019 has been finalized for approval. The aim is to facilitate the movement of goods for export, import and internal trade. .