Consider the following statements:
- India has ratified the Trade Facilitation Agreement (TFA) of WTO.
- TFA is a part of WTO’s Bali Ministerial Package of 2013.
- TFA came into force in January 2016.
Which of the statements given above is/are correct?
Detailed Explanation:
Answer: Option 1 — 1 and 2 only
The Trade Facilitation Agreement (TFA) is a multilateral deal aimed at simplifying customs procedures, reducing costs, and improving speed and efficiency of trade. India ratified this agreement, which was a key component of the WTO's Bali Ministerial Package of 2013. However, the TFA came into force in February 2017 (not January 2016), after receiving ratification from two-thirds of WTO members.
✅ Statement 1 – Correct: India has ratified the Trade Facilitation Agreement (TFA) of WTO, demonstrating its commitment to streamlining trade procedures.
✅ Statement 2 – Correct: The TFA is indeed a part of the WTO's Bali Ministerial Package of 2013, which was agreed upon at the Ninth Ministerial Conference in Bali, Indonesia.
❌ Statement 3 – Incorrect: The TFA came into force in February 2017, not January 2016, after two-thirds of WTO members completed their ratification process.
Question 2 of 4 World Trade Organization (WTO)
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