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India ratifies the Trade Facilitation Agreement
India has ratified the Trade Facilitation Agreement (TFA). India’s WTO Ambassador Anjali Prasad handed over her country’s instrument of acceptance to Director-General Roberto Azevêdo on 22 April.
“I’m very pleased to receive India’s instrument of ratification from Ambassador Prasad,” DG Azevêdo said. “India is one of the most dynamic economies in the world today and has become a top recipient of foreign investment. Ratifying the WTO’s Trade Facilitation Agreement will help India further boost economic growth by reducing trade costs and supporting its integration into the global economy.”
Implementation of the WTO Trade Facilitation Agreement has the potential to increase global merchandise exports by up to $1 trillion per annum, according to the WTO’s flagship World Trade Report 2015. The Report also found that developing countries will benefit significantly from the TFA, capturing more than half of the available gains.