Trade facilitation pact to promote doing business, global commerce

New Delhi: The trade facilitation agreement of the WTO would promote ease of doing business and global commerce as the pact aims at easing custom processes, government officials on Friday said.

Central Board of Excise and Customs (CBEC) Chairperson Vanaja N Sarna said that the agreement would change the global trade scenario and streamline the processes while supplementing India's reform agenda.

She was speaking at a conference on 'Trade Facilitation Agreement (TFA): Learning from Implementation Experiences'. It was organised by Ficci jointly with the CBEC.

Four groups of the Commerce and Finance Ministries are working on specific issues like identifying areas where legislative changes are needed, for a smooth implementation of the agreement.

The agreement, signed by WTO member countries in 2013, contains provisions for expediting the movement, release and clearance of goods, including those in transit.

A National Trade Facilitation Action Plan has been released for a time bound map for implementing of the TFA.

Speaking at the event, Ananya Ray, Member (Customs), CBEC, said the objectives to be achieved by national action plan were improvement in ease of doing business by reduction in cargo release time and cost, paperless work, transparent and predictable legal regime and improved investment climate through better infrastructure.

Kunio Mikuriya, Secretary General, World Customs Organization (WCO), said the action plan released by India comprises concrete steps for moving the agenda ahead and also fixes accountability and time frame for accomplishing the plan.

"TFA would simplify procedures and enhance competitiveness making economies more vibrant leading to increase in revenue," he added.

Junaid Kamal Ahmad, Country Director, World Bank, said that for India to achieve its aspirational goal of becoming a high middle income level economy, trade facilitation will play a key role.