New Delhi, May 3 (KNN) Trade Facilitation Agreement (TFA) is supposed to enable domestic manufacturers, particularly Small and Medium Enterprises (SMEs), connect more easily to regional and Global Value Chains, Commerce Minister Nirmala Sitharaman said.

While addressing the Consultative Committee Meeting on the subject of ‘Implementation of Trade Facilitation Agreement’, Sitharaman said that the TFA envisages faster clearances and reduction of red tapism at the borders and would thereby help in the ease of doing business.

She said that ratification of the TFA is bound to change the Indian trade and would bring more transparency in trade process.

After TFA ratification, the world wide best trade practices would be shared among the member countries, the Minister said.

The Minister said that industry and its various associations would be associated in the consultation process while implementing the different provisions of the TFA.

Sitharaman said through trade facilitation member countries would seek to simplify trade procedures and help promote cross border trade, bring greater predictability to traders and help improve the overall climate for trade and investment.

She said that TFA is supposed to enable domestic manufacturers, particularly Small and Medium Enterprises, connect more easily to regional and Global Value Chains.

“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,” Sitharaman said. (KNN Bureau)