Foreign Trade Facilitation

About the Book: International trade is a macroeconomic term focusing on trading goods and services across national boundaries. Without international trade nations assume disadvantages in their own countries. Globalization has affected all countries given a new environment for industrialization advanced technology global value chain and outsourcing; all these having a major impact on the international trading system. International trade is also a branch of economics which together with international production and financially forms the larger branch called international economics. Global rules based World Trade Organization (WTO) was set up in 1994 for making foundation of the multilateral trading system. Under the umbrella of WTO GATT GATS TRIPs were included with a basic objective of implementation of multilateral agreements and facilitating implementation administration and operation of agreements. Accordingly all foreign trade policies of all countries are WTO compatible. Trade Facilitation Agreement was adopted by the WTO in 2017 to address the multiplicity of border agencies and the documentation issues to reduce the cost of transactions by simplifying and harmonizing formalities and procedures more transparent. The EDI system known as ICEGATE in India does facilitation accountability consistency transparency and simplification of documentations in exports and imports. About the Author: Professor Madan Lal is a Visiting Faculty. He is a former Faculty of Indian Institute of Foreign Trade New Delhi and Associate Consultant with International Business Academy EXIMEDGE and Asia Skills. He is MA (Economics) done Commonwealth Sectt. London—Advance Programme on Export Market Development Diploma in Journalism CBI (Netherlands) Workshop on Effective Trade Fair Participation IIFT Certificate in Export Marketing and MDP on Import Management and Export Procedures & Documentation.