Proposal for TFA and formation of NCTF approved by Union Cabinet
Q. Union Cabinet has approved the Proposal for Notification of Commitments under TFA of the WTO and constitution of NCTF. What does TFA and NCTF stand for?- Published on 18 Feb 16a. Trade Facilitation Agreement, National Council on Trade Formation
b. Trade Facilitation Accord, National Committee on Trade Facilitation
c. Trade Facilitation Agreement, National Committee on Trade Facilitation
d. None of the above
ANSWER: Trade Facilitation Agreement, National Committee on Trade Facilitation
Union Cabinet chaired by PM Narendra Modi has provided approval for the Proposal for Notification of Commitments under the Trade Facilitation Agreement of the WTO as well as ratification and acceptance of the Instrument of Acceptance of Protocol of TFA to WTO Secretariat and constitution of National Committee on Trade Facilitation. TFA contains provisions for movement, release and clearance of goods including transit goods apart from measuring effective cooperation between customers and appropriate authorities regarding trade facilitation and customs compliance issues. This matches with India’s Ease of Doing Business initiative. TFA shall come into force following acceptance by 2/3rds of the WTO members. NCTF will be established under the joint chairmanship of Secretary, Department of Revenue and Department of Commerce.
