Trade Facilitation Agreement (TFA)

1) Trade Facilitation Agreement (TFA) has been recently in news . This agreement is related to which of the following organizations?

a) World Trade Organization
b) International Monetary Fund
c) World Bank
d) None of the above

2) In which of the following areas, the Trade Facilitation Agreement has been ratified at the global level?

a) Goods
b) Services
c) Investments
d) Both a and b

3) Which of the following statements is correct with respect to country specific proposals on Trade Facilitation Agreement?

a) The objective of proposed TFA in service by India is to ease flow of global service trade including temporary movement of skilled white collard professionals.
b) China has proposed TFA in investments at the WTO level.
c) Both a and b
d) Neither a nor b

Answers:

1) a
2) a
3) c

Note : According to WTO: The TFA contains provisions for expediting the movement, release and clearance of goods, including goods in transit. It also sets out measures for effective cooperation between customs and other appropriate authorities on trade facilitation and customs compliance issues. It further contains provisions for technical assistance and capacity building in this area.  The Agreement will help improve transparency, increase possibilities to participate in global value chains, and reduce the scope for corruption.