India to soon ratify WTO trade pact: Commerce secy

Says India keen on similar pact for trade in services

India has completed most of the consultation related to the World Trade Organization’s (WTO) trade facilitation agreement (TFA) and the government expects to ratify it soon, Commerce Secretary Rita Teaotia said on Tuesday.

Speaking at an event organised by Federation of Indian Chambers of Commerce and Industries (Ficci), Teaotia said the TFA, concluded by the WTO in Bali in 2013, aims at easing Customs procedures to boost global commerce.

“We are fully committed to it. It is a complex exercise and most of the consultation is complete and we believe that we should be able to ratify it at the earliest,” she said. So far, over 55 WTO members have ratified the pact.

Teaotia also said WTO members should move forward on liberalising the services sector. "We believe that just as we have a TFA (in goods), there is a need for us to work towards a services facilitation agreement.” the secretary added.

Talking about the stalled Doha Development Agenda (DDA), the secretary said work on it must continue as the decisions taken since 2001 need to be respected and taken forward. She said the legitimate interest of poor farmers and food security of millions of people of developing countries are involved in the process.

Developing countries including India wants a clear outcome to the pending Doha Round issues like commitments to cut farm subsidies by the rich nations.

Developed nations led by the US and European Union on the other hand, want the WTO to discuss new issues like investments, e-commerce and government procurement.