Trade Facilitation Agreement Pib

The conclusion of negotiations on the Comprehensive Agreement on Economic Cooperation and Partnership between India and Mauritius (CECPA) will promote trade between the two countries. Reactions to India`s non-signature of the regional comprehensive economic partnership have been mixed. India is often criticized for its lack of trade agreements and a protectionist nation, but in fact it is the opposite. The country`s trade rate relative to GDP is 43% higher than 38% of China and the United States (27%). This shows how important trade is to India, especially if it is to achieve the 2024 target of being a $5 trillion economy. The government`s adoption of the Trade Facilitation Action Plan proposed by the National Committee for Trade Facilitation (NCTF), which is to be implemented at the highest level, proves that the Indian government aims to improve trade facilitation. Welcoming delegates from different countries, Finance Minister Shri A.B. Pandey said that since India`s accession to the WCO in 1971, India and the WCO have evolved towards generating, maintaining and maintaining a dynamic for promoting legitimate trade as a harbinger of growth. He said that this common goal has always led to a constructive relationship between India and the WCO. The Trade Facilitation Agreement came into force in 2017, when the number of Member States that ratified it reached 112. The main objective of the agreement was to stimulate global growth by reducing transaction costs in terms of exports and imports. The Minister of Finance said that India has been at the forefront of improving its capacity, which is reflected in India`s performance in the World Bank`s Ease of Doing Business rankings, which rose from 142 in 2014 to 77 in 2019. He noted that India`s ranking in the Trading across Borders parameter has improved considerably, from 146 to 80 in one year.

Shri Jaitley told the Assembly that India was investing in infrastructure and that it was using technology to the best of its ability and that it was ready to apply global best practices.