Implementation of TFA of WTO can bring down exporters' costs significantly: CBEC

MUMBAI: Implementation of various articles in the Trade Facilitation Agreement ( TFA) of the World Trade Organisation ( WTO) will bring down exporters's costs by up to Rs 15,000 per 40-foot equivalent units (FEU) containers, increasing the competitiveness of Indian exporters immensely, Beni Bhattacharya, principal commissioner of customs, Central Board of Excise and Customs ( CBEC), said.

TFA, which facilitates movement of goods, including release and clearance of goods which are in transit, was ratified by 110 or two-thirds of members of the 164-member WTO on February 22, 2017, and it came into operation forthwith. India is ranked very low, at 143, in the World Bank study in international trade facilitation out of about 190 countries.

Ms Seema Jere Bisht, Additional Director General, Risk Management Division, Directorate of Revenue and Intelligence, CBEC added that India has successfully done a lot of work that was required to be done under TFA, though there was a lot of ground yet to be covered in the next two years.

Bisht added that India's ranking was also low because because the industry is not giving its feedback to CBEC or World Bank on a regular basis.

Dr. Danish Hashim proposed that CBEC should limit the post audit vetting to a select few trades. He exuded hope that with the advent of GST, the audit teams of customs and excise, service tax, VAT etc will merge into a comprehensive team to do intelligence- based audit instead of routine audit at the factory premises.