New Delhi, July 22 (KNN) Moving forward to improve ease of doing business in the country, the government has started the process of setting up a national committee for coordination and implementation of WTO’s Trade Facilitation Agreement (TFA).

The Union Cabinet had given the approval for the same on July 20, 2016. The committee will be established under the chair of the cabinet secretary, and will be known as the National Committee on Trade Facilitation (NCTF).

In a written reply to the Rajya Sabha, the Minister of Commerce and Industry has informed that the Government has already started the process of setting up the committee.

The TFA will facilitate trade by simplifying trade procedures; help promote cross-border trade; and reduce transaction costs. The TFA would also ensure bring higher predictability to the traders.

The TFA also encourages WTO members to exchange information related to the management of custom compliances.

The National Committee will enable easy trading through cooperation between all the relevant stakeholders like the custom authorities.

The Minister also said that through TFA, WTO members are encouraged to share information on best practices in managing customs compliance. (KNN Bureau)