- Export–Import Bank of India was established in 1982 under the Export-Import Bank of India Act 1981.
- Since its inception, Exim Bank of India has been both a catalyst and a key player in the promotion of cross border trade and investment.
- Over the period, it has evolved into an institution that plays a major role in partnering Indian industries, particularly the Small and Medium Enterprises, in their globalization efforts, through a wide range of products and services offered at all stages of the business cycle, starting from import of technology and export product development to export production, export marketing, pre-shipment and post-shipment and overseas investment.
What is Most Favoured Nation’ (MFN) status? The WTO as the trade-promoting body has certain key principles or philosophical themes for its working. One such principle is non-discrimination which is well scripted in Most Favored Nation (MFN) treatment. The MFN is a status or treatment given by one country to another in trade matters. It […]
Trade Facilitation Agreement (TFA)
- Trade Facilitation Agreement (TFA) envisages faster clearances and reduction of red tapism at the borders and would thereby help in the ease of doing business.
- TFA is bound to change the Indian trade and would bring more transparency in trade process.
- after TFA ratification, the world wide best trade practices would be shared among the member countries.
- She said while we have made rapid strides in streamlining our processes on the line of International best practices, in several areas, we need to ensure speedy legislation so that there are visible beneficial outcomes through trade facilitation. member countries would seek to simplify trade procedures and help promote cross border trade, bring greater predictability to traders and help improve the overall climate for trade and investment.
- TFA is supposed to enable domestic manufacturers, particularly Small and Medium Enterprises, connect more easily to regional and Global Value Chains.
- TFA contains provisions for expediting the movement, release and clearance of goods, including goods in transit. It also sets-out measures for effective cooperation between customs and other appropriate authorities on trade facilitation and customs compliance issues. Smt. Sitharaman said these objectives of TFA are in consonance with India’s ease of doing business initiative.