Question

UPSC Prelims 2017 Question:

Consider the following statements:

India has ratified the Trade Facilitation Agreement (TFA) of WTO.

TFA is a part of WTO’s Bali Ministerial Package of 2013.

TFA came into force in January 2016.

Which of the statements given above is/are correct?

1. 1 and 2 only
2. 1 and 3 only
3. 2 and 3 only
4. 1, 2 and 3

Answer (Detailed Solution Below)

Option 1: 1 and 2 only

Detailed Solution

Explanation:

Negotiation on Trade Facilitation Agreement (TFA) was concluded by the members of World Trade Organisation (WTO) at the 2013 Bali Ministerial Conference. It contains provisions to expedite the movement of goods across borders, it sets out measures for effective cooperation between customs and other border authorities on trade facilitation and customs compliance issues. So, statement 2 is correct.

India ratified Trade Facilitation Agreement(TFA) in 2016. So, statement 1 is correct.

The Trade Facilitation Agreement (TFA) entered into force on 22 February 2017. It applies only to the WTO members that have accepted it. So, statement 3 is not correct.

Therefore, option (1) is the correct answer.

Subject: Economics | Foreign Trade and Investment

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