India and the WTO are an important topic for public service review, particularly for UPSC Mains. In 2013, there was a question for the network: “The Food Security Act should eliminate hunger and malnutrition in India. Critical discussions on the various fears about their effective implementation and the concerns it has raised in the WTO. It is therefore clear that a law passed by the Indian parliament has raised concerns within the WTO. The issues that bind India to the WTO have not yet been resolved. The current controversy concerns India`s refusal to sign a crucial trade agreement: the Trade Facilitation Agreement. The Asia-Pacific Trade Agreement (APTA) was signed in 1975 between India, Bangladesh, the Republic of Korea, the Lao People`s Democratic Republic and Sri Lanka. It is the oldest trade agreement between countries in the Asia-Pacific region. It is also the first preferential trade agreement between developing countries.
Formerly known as the Bangkok Accord, it was renamed APTA in 2005. APTA is considered one of the most important trade agreements in the world, as it is the only trade agreement that directly links India and China. Other trade agreements involving India and China have them as observers or signatories that do not extend tariff preferences. The Trade Facilitation Agreement came into force in 2017, when the number of Member States that ratified it reached 112. The main objective of the agreement was to stimulate global growth by reducing transaction costs in terms of exports and imports. As part of the Bali Ministerial Declaration, trade ministers ordered industrialized and developing countries to indicate what they were willing to offer to the least developed (least developed) countries in their trade in services. Offers from countries such as India are expected to be discussed this year with the WTO Minister in Nairobi. The Trade Facilitation Agreement was put in place to simplify customs procedures by reducing costs and improving the efficiency and speed of trade. The main objective of the agreement is to simplify border management programmes and remove barriers to trade. It is a legally managed agreement, considered one of the biggest reforms of the World Trade Organization (WTO) since its inception. What is the Trade Facilitation Agreement (TFA)? The Trade Facilitation Agreement (TFA) was one of ten agreements in the agreement reached by WTO members (including India) at the Bali ministerial meetings in December 2013. The TFA is trying to speed up world trade by reforming customs procedures and reducing bureaucracy.
New Delhi: Although India has insisted in all ongoing bilateral trade agreements, including the Comprehensive Regional Economic Partnership, to negotiate services agreements to intercept its young and fast-growing skilled workforce, it has so far renounced membership in a 24-country Multilateral Trade in Services Agreement (Tisa). The offer also includes access to project management services, with the exception of construction, hotel and other tourist accommodation services, travel agencies and tour operators, as well as a contingent of 250 guides in non-English foreign languages. New Delhi has announced that it will waive visa fees for visa applicants from those countries applying for Indian business or work visas. The high level of visa fees in industrialized countries is one of the main obstacles faced by service providers in poor countries. India and the EU expect bilateral trade to be encouraged by removing barriers to trade in goods and services and investment in all economic sectors. Trade with India accounted for less than 3% of eu-wide world trade, which is “much lower” than expected from relations.