India to Soon Ratify WTO Trade Facilitation Pact

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India Asked by WTO To Remove Export Subsidy on Raw Sugar www.ambitionias.com
  • India is set to ratify at the “earliest” the World Trade Organization’s (WTO) trade facilitation agreement (TFA) on goods.
  • It is aimed at relaxing customs rules for smoother trade flow.
  • However, even if India ratifies the TFA in goods, the agreement can come into force only when two-thirds of the 162 WTO members formally accept the agreement.
  • So far, 63 countries, including most developed countries, have formally accepted the pact.
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