Mumbai: Exporters can expect costs to come down up to Rs 15,000 per 40 equivalent unit (FEU) of container, increasing their competitiveness due to the implementation of various articles in the Trade Facilitation Agreement (TFA) of the World Trade Organisation (WTO).
Its implementation will bring down the costs of exporters immensely because it facilitates an improvement in the ease of doing trade in the country, that will in turn reduce costs to the external traders — exporters and importers said Beni Bhattacharya of CBEC.
India was among the 110 members of the 164-member World Trade Organisation who signed the TFA last week. Despite various measures taken the World Bank has ranked India at 143 out of 190 countries in its study in international trade facilitation.
“India will implement these provisions, including single window and risk management systems (RMS) for which it had sought five years breather from WTO, over the next two years,” Mr Bhattacharya said told members of the industry body CII. Just release of goods from duty payment part or deferred payment duty will come down from 12 days to 7 days, he explained.
