{"id":1779,"date":"2024-03-29T21:23:57","date_gmt":"2024-03-29T15:53:57","guid":{"rendered":"https:\/\/lotusarise.com\/qna\/?p=1779"},"modified":"2024-04-03T07:11:18","modified_gmt":"2024-04-03T01:41:18","slug":"q-consider-the-following-statements-81","status":"publish","type":"post","link":"https:\/\/lotusarise.com\/qna\/upsc\/q-consider-the-following-statements-81","title":{"rendered":"Q.\u00a0Consider the following statements:"},"content":{"rendered":"\n
    \n
  1. India has ratified the Trade Facilitation Agreement (TFA) of WTO.<\/li>\n\n\n\n
  2. TFA is a part of<\/strong> WTO\u2019s Bali Ministerial Package of 2013.<\/li>\n\n\n\n
  3. TFA came into force in January 2016.<\/strong><\/li>\n<\/ol>\n\n\n\n

    Which of the statements given above is\/are correct?<\/p>\n\n\n\n

      \n
    • 1 and 2 only<\/li>\n\n\n\n
    • 1 and 3 only<\/li>\n\n\n\n
    • 2 and 3 only<\/li>\n\n\n\n
    • 1, 2 and 3<\/li>\n<\/ul>\n\n\n\n
      \n

      Answer: (a) 1 and 2 only<\/strong><\/p>\n<\/blockquote>\n\n\n\n

      Trade Facilitation Agreement (TFA):<\/h5>\n\n\n\n
        \n
      • The TFA is the WTO\u2019s first multilateral accord that aims to simplify customs regulations for the cross-border movement of goods<\/strong>.<\/li>\n\n\n\n
      • It was outcome of WTO\u2019s 9th Bali (Indonesia) ministerial package of 2013<\/strong> and came into force from February 2017.<\/strong><\/li>\n\n\n\n
      • It aims to create a less discriminatory business environment.<\/strong><\/li>\n\n\n\n
      • Provisions:<\/strong>\n
          \n
        • Lowering import tariffs and agricultural subsidies.<\/strong>\n
            \n
          • It will make it easier for developing countries to trade with the developed world in global markets.<\/li>\n<\/ul>\n<\/li>\n\n\n\n
          • Abolish hard import quotas.<\/strong>\n
              \n
            • Developed countries would abolish hard import quotas on agricultural products from the developing world.<\/li>\n\n\n\n
            • Instead developed countries would be allowed to charge tariffs on amount of agricultural imports exceeding specific limits.<\/li>\n<\/ul>\n<\/li>\n\n\n\n
            • Reduction in red tape at international borders.<\/strong>\n
                \n
              • It aims to reduce red-tapism to facilitate trade by reforming customs bureaucracies and formalities.<\/li>\n<\/ul>\n<\/li>\n\n\n\n
              • Preferential Rules of Origin for Least-Developed Countries<\/strong>\n
                  \n
                • Simplified rules for identifying origin and qualifying for preferential treatment with importing countries.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n\n\n\n
                • Implications<\/strong>\n
                    \n
                  • The deal will ease trade processes, bring down barriers to trade and enhance the capacity of the developing world to better engage with the global trading network.<\/li>\n\n\n\n
                  • Significantly change the global trade scenario with international customs practices becoming streamlined and easier trade movement<\/li>\n\n\n\n
                  • Faster clearance procedures<\/li>\n\n\n\n
                  • Enhanced conditions for freedom of transit for goods<\/li>\n\n\n\n
                  • Reduced fees and formalities connected with the import and export of goods.<\/li>\n\n\n\n
                  • TFA is estimated to reduce global trade costs by more than 14% and could boost global growth by half a percentage point per year.<\/li>\n\n\n\n
                  • Trade facilitation increases trade flows and lowers trade costs, making it critical for development in Asia and the Pacific.<\/li>\n<\/ul>\n<\/li>\n\n\n\n
                  • Benefits to India<\/strong>:\n
                      \n
                    • Bring in simplification and enhanced transparency in cross border trade in goods.<\/li>\n\n\n\n
                    • Boost economic growth by reducing trade costs and integration into the global economy.<\/li>\n\n\n\n
                    • The increase in global economic activity will add new jobs and lower the cost of doing international trade by 10 to 15 per cent.<\/li>\n\n\n\n
                    • Likely to reduce the time needed to import and export goods<\/li>\n\n\n\n
                    • Predicted to increase the number of new products exported by as much as 20 per cent.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"

                      Which of the statements given above is\/are correct? Answer: (a) 1 and 2 only Trade Facilitation Agreement (TFA):<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_kad_blocks_custom_css":"","_kad_blocks_head_custom_js":"","_kad_blocks_body_custom_js":"","_kad_blocks_footer_custom_js":"","_kad_post_transparent":"","_kad_post_title":"","_kad_post_layout":"","_kad_post_sidebar_id":"","_kad_post_content_style":"","_kad_post_vertical_padding":"","_kad_post_feature":"","_kad_post_feature_position":"","_kad_post_header":false,"_kad_post_footer":false,"_kad_post_classname":"","footnotes":""},"categories":[1,3],"tags":[38],"years":[56],"class_list":["post-1779","post","type-post","status-publish","format-standard","hentry","category-upsc","category-prelims","tag-indian-economy","years-56"],"acf":[],"taxonomy_info":{"category":[{"value":1,"label":"UPSC"},{"value":3,"label":"Prelims"}],"post_tag":[{"value":38,"label":"Indian Economy"}],"years":[{"value":56,"label":"2017"}]},"featured_image_src_large":false,"author_info":{"display_name":"LotusArise","author_link":"https:\/\/lotusarise.com\/qna\/author\/team-lotusarise"},"comment_info":0,"category_info":[{"term_id":1,"name":"UPSC","slug":"upsc","term_group":0,"term_taxonomy_id":1,"taxonomy":"category","description":"","parent":0,"count":1269,"filter":"raw","cat_ID":1,"category_count":1269,"category_description":"","cat_name":"UPSC","category_nicename":"upsc","category_parent":0},{"term_id":3,"name":"Prelims","slug":"prelims","term_group":0,"term_taxonomy_id":3,"taxonomy":"category","description":"","parent":1,"count":1251,"filter":"raw","cat_ID":3,"category_count":1251,"category_description":"","cat_name":"Prelims","category_nicename":"prelims","category_parent":1}],"tag_info":[{"term_id":38,"name":"Indian Economy","slug":"indian-economy","term_group":0,"term_taxonomy_id":38,"taxonomy":"post_tag","description":"","parent":0,"count":225,"filter":"raw"}],"_links":{"self":[{"href":"https:\/\/lotusarise.com\/qna\/wp-json\/wp\/v2\/posts\/1779","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lotusarise.com\/qna\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lotusarise.com\/qna\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lotusarise.com\/qna\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/lotusarise.com\/qna\/wp-json\/wp\/v2\/comments?post=1779"}],"version-history":[{"count":0,"href":"https:\/\/lotusarise.com\/qna\/wp-json\/wp\/v2\/posts\/1779\/revisions"}],"wp:attachment":[{"href":"https:\/\/lotusarise.com\/qna\/wp-json\/wp\/v2\/media?parent=1779"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lotusarise.com\/qna\/wp-json\/wp\/v2\/categories?post=1779"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lotusarise.com\/qna\/wp-json\/wp\/v2\/tags?post=1779"},{"taxonomy":"years","embeddable":true,"href":"https:\/\/lotusarise.com\/qna\/wp-json\/wp\/v2\/years?post=1779"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}