Consider the following statements:
1. India has ratified the Trade Facilitation Agreement (TFA) of WTO.
2. TFA is a part of WTO’s Bali Ministerial Package of 2013.
3. TFA came into force in January 2016.
Which of the statements given above is/are correct?
Explanation:
The Trade Facilitation Agreement (TFA) was one among the 10 agreements of the deal the WTO members (including India) had agreed upon in December 2013 Bali Ministerial meeting. Under the TFA signed within the WTO umbrella, once two-third of the members signed the deal, it came into effect while other countries were given time to join when ready. TFA benefits are available to WTO members only when they sign the deal. It came in force in February 2017