CURRENT AFFAIRS

Detailed explanation-1: -The apex body of this institutional mechanism i.e. the National Committee on Trade Facilitation is chaired by the Cabinet Secretary to the Government of India and has representatives of all involved stakeholders. Formation of this committee is a mandatory obligation of member countries under Article 23.2 of the TFA.

Detailed explanation-2: -The formation of a National Committee on Trade Facilitation (NCTF) is part of the mandatory, institutional arrangement of the WTO Agreement on Trade Facilitation (TFA).

Detailed explanation-3: -The fundamental principles of trade facilitation are transparency, simplification, harmonization, and standardization.

Detailed explanation-4: -The Trade Facilitation Agreement (TFA) is a binding multilateral trade agreement between members of the World Trade Organization (WTO). The mission of the Global Alliance for Trade Facilitation is to support the implementation of this agreement which aims to make cross-border trade easier, faster and cheaper.