Perceptive nature of trade facilitation agreement in India: An overview
Dr. Priyanka Mohod, Gargi Kulkarni
Trade is one of the most crucial aspects for the development of the country. The speed and efficiency of development is depending most on the speed and efficacy of the trade. The role of World Trade Organisation is tremendous in the regulation of world class business. The Trade Felicitation Agreement is one of the aspects of that efficacy and speed in the growing worldwide business. The Trade Facilitation Agreement came into force in the year 2017 and was ratified by almost all the member nations of WTO. India was 193rd country to ratify the Trade Facilitation Agreement. Trade Facilitation Agreement is an outcome of Bali conference in 2013 and is first of its kind of agreements which aims and focuses to simplify the trade procedures on borders and speed up the process. But in order to understand the provisions of Trade Facilitation Agreement, it is important to know General Agreement on Trade and Tariffs. In simple terms, General Agreement on Trade and Tariffs is an older version of Trade Facilitation Agreement has improved and replaced some of the provisions of General Agreement on Trade and Tariffs. India’s position in the international market needs to be analysed and then Trade Facilitation Agreement’s role in Indian market can be studied. In the current article, the wide meaning and application of Trade Facilitation Agreement is discussed. In addition to this India’s current trade facilities and laws are discussed. The impact of Trade Facilitation Agreement on India’s trade facilities and procedures is discussed and analysed in detail. After these discussions and the study, the article is concluded with some suggestions.