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Finance Minister stresses on the importance of Trade Facilitation, in his opening address at 80th Session of Policy Commission

News and Press Release - Dated:- 3-12-2018 - It is in the larger interest of every country to ensure that trade barriers are brought down and trade facilitation is done to the largest extent possible: FM Shri Arun Jaitley India has been at the forefront of improving its trade facilitation capacities, as reflected in India s performance in the World Bank s Ease of Doing Business rankings: FM FM has sanctioned a sum of 5 crore rupees towards capacity building in customs matters at the WCO; this is .....

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l members: Secretary General, WCO The Union Minister for Finance and Corporate Affairs, Shri Arun Jaitley has said that it is in the larger interest of every country to ensure that trade barriers are brought down and trade facilitation is done to the largest extent possible, within the domestic legal framework. Trade barriers will have an impact on transactional costs; any delay adds to the costs, takes away competitiveness, and domestic economies themselves start suffering, noted the Minister. .....

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l trade talks. Despite this, every country was in due course compelled to realize that the matter needs attention. He expressed happiness that by 2014, most countries had come to agree on the importance of trade facilitation and that WTO had finally reached an agreement as regards trade facilitation. Thanking WCO for inviting him to address the opening session, Shri Jaitley said that the Policy Commission is an extremely important forum of the WCO and that its role has been of great significance .....

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vices. The Finance Minister said that India has been at the forefront of improving its capacities, as reflected in India s performance in the World Bank s Ease of Doing Business rankings, which leapfrogged from 142 for 2014 to 77 for 2019. He observed that India s ranking in the parameter Trading across Borders has improved greatly, from 146 to 80 in one year itself. Shri Jaitley informed the gathering that India is investing in infrastructure, using technology to the best extent possible, and i .....

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all emerging and developing countries as well. Welcoming the delegates from various countries, Revenue Secretary, Shri A.B. Pandey said that right since India became a member of WCO in 1971, India and WCO have evolved towards generating, preserving and sustaining a momentum for promoting legitimate trade as a harbinger of growth. He said that this commonality of purpose has always led to a constructive relationship between India and the WCO. He said that customs administrations globally envisage .....

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nd ease of doing business in the country. There has been a heightened focus on improving efficiency, in reducing time and cost. He said that the trade initiatives have become fast-paced and aligned with WTO s Trade Facilitation Agreement. As trade facilitation becomes a global priority, simplification of procedures and harmonisation of processes became the way forward for Indian customs. There has been a change in mindset - from that of a regulator, to that of a facilitator. Focus of customs cle .....

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today is creating a convergence of facilitation and enforcement. Leveraging digitization and technology for non-intrusive operations is vital for a data-empowered and digitally enabled customs. Observing that the WCO has been at the forefront of using digital technologies, the Secretary said that the response of WCO in harnessing new technologies such as blockchain and big data should continue to be proactive. In a media interaction after the opening session, Chairman, CBIC, Shri S. Ramesh info .....

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of Doing Business Rankings, the Chairman said that the formulation of the National Trade Facilitation Action Plan and the Trade Facilitation Committee headed by Cabinet Secretary shows the Government of India s commitment to advancing trade facilitation. The Policy Commission will discuss trade facilitation at length and ensure that all customs administrations are geared up on this front, he added. India feels that it is very important to ensure that small island economies in the Asia Pacific r .....

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trade facilitation measures, is another discussion point of the meeting. Chairperson, WCO Council, Mr. Enrique Canon said that the meeting will discuss and seek to agree on the future of customs, of trade and hence of the world. Speaking of the importance of keeping up with the pace of change, Mr. Canon said that technology is the most important change that is happening; if customs and WCO does not keep up to its pace, the people of the world will suffer. He expressed confidence that WCO will d .....

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