ITA is a multi-lateral trade agreement that requires participants to remove their tariffs from a specific list of computer and telecommunications products. The lists of products covered by the ITA are listed below: the World Trade Organization has implemented an information technology agreement to reduce all taxes and tariffs on computer products by the signatories to zero. It came into force on July 1, 1997. In fact, the TFA is considered the most ambitious trade agreement, with the potential to generate $1 trillion in trade and 2 crore jobs. With India refusing to sign it, most of the other 159 WTO countries believe that a « TFA without India » makes no sense. Both sides believe that a comprehensive and ambitious agreement, in line with WTO rules and principles, would open up new markets and expand opportunities for Indian and European companies. Yes, India has secured its current point of view, but for better reasons. The TFA is most likely to help developed countries, although it is better designed to help developing and underdeveloped countries. If the main objective was to improve developing and underdeveloped countries, the focus should be on the adoption of agreements on other aspects related to agriculture (food security) and LDCs. India seems to have withdrawn for better bargaining power. If India had signed the TFA agreement, there could be no urgency to find a sustainable food security solution.
The current peace clause will expire in 2017 and the new conditions could be unfavourable to India. After senbed food security with the TFA, India now asserts that the Bali package can only be coordinated at the same time. Let`s wait and see how things evolve in the future. This agreement would facilitate the exchange of geographic data between India and the United States for both military and civilian purposes. What is the Trade Facilitation Agreement (TFA)? The Trade Facilitation Agreement (TFA) was one of ten agreements in the agreement reached by WTO members (including India) at the Bali ministerial meetings in December 2013. The TFA is trying to speed up world trade by reforming customs procedures and reducing bureaucracy. The peace clause is available to India under the Bali Agreement, which stipulates that no member can act against another member on food subsidies until a final agreement is reached on the issue, whose eleventh ministerial post is in 2017. Topics covered: bilateral, regional and global groupings and agreements in which India participates and/or harm India`s interests. These negotiations are in line with the commitment made by the Heads of State and Government at the 7th India-EU Summit in Helsinki on 13 October 2006 to negotiate a large-scale trade and investment agreement, based on the report of the India-EU High-Level Technical Group. The Bali package (2013) had 10 agreements that can come down to three heads: TFA, agriculture (food security) and least developed countries (LDCs). While the attention of industrialized countries was drawn to the TFA, India feared moving forward without finding a lasting solution to the issue of food security.
India insisted that the TFA would not agree if the entire Bali package, which allows developing countries to buy food from farmers for their food security needs, was at the same time consolidated. In the next ministerial dialogue of the 2-2 ministerial dialogue, India and the United States will sign the last basic agreement, the Basic Exchange and Cooperation Agreement for Geographical Cooperation (BECA). Decisions by WTO bodies on the Information Technology Agreement are available in the WTO`s Analytical Indexes of Law and Practice Guide. India and the United States have reached an agreement to make the TFA a reality.