Consider the following statements: 1. India has ratified the Trade Facilitation Agreement (TFA) of WTO. 2. TFA is a part of WTO's Bali Ministerial Package of 2013. 3. TFA came into force in January 2016. Which of the statements given above is/are correct?
- A1 and 2 onlyCorrect
- B1 and 3 only
- C2 and 3 only
- D1, 2 and 3
Explanation
Let's analyze the statements regarding the Trade Facilitation Agreement (TFA) of the WTO:
-
India has ratified the Trade Facilitation Agreement (TFA) of WTO. This statement is correct. India formally ratified the WTO's Trade Facilitation Agreement in April 2016, becoming the 76th WTO member to do so.
-
TFA is a part of WTO's Bali Ministerial Package of 2013. This statement is correct. The Trade Facilitation Agreement was indeed concluded at the Ninth WTO Ministerial Conference held in Bali, Indonesia, in December 2013. It was a key outcome of that conference, often referred to as the 'Bali Package'.
-
TFA came into force in January 2016. This statement is incorrect. The Trade Facilitation Agreement officially came into force on 22 February 2017, after the threshold of acceptance by two-thirds of WTO members was reached.
Thus, statements 1 and 2 are correct.
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