The Trade Facilitation Agreement will help lower transaction cost significantly and provide higher market access, the industry said today after decks were cleared for passage of the pact at WTO after the US agreed to support India's proposal on public stockpiling of food.
Exporters' body FIEO President M Rafeeque Ahmed said the TFA will definitely help in realising higher market access and reduce the transaction cost by 3 per cent, leading to savings of close to USD 20-25 billion.
As per the agreement, the US will support India's proposal at WTO that 'peace clause', crucial for uninterrupted implementation of India's food security programme, should continue indefinitely till a permanent solution is found.
Exporters' body FIEO President M Rafeeque Ahmed said the TFA will definitely help in realising higher market access and reduce the transaction cost by 3 per cent, leading to savings of close to USD 20-25 billion.
As per the agreement, the US will support India's proposal at WTO that 'peace clause', crucial for uninterrupted implementation of India's food security programme, should continue indefinitely till a permanent solution is found.
