Subject : Trade Facilitation

1. What is Trade Facilitation?

The primary goal of trade facilitation is to help make trade across borders imports
and exports faster and shipper and more predictable ensuring its safety and
security. In terms of focus, it is about simplifying and harmonizing formalities,
procedures and other related exchange of information and documents between
the various partners in the supply chain.

2. Why is the World Trade Organization important?

The World Trade Organization is a body that gives the global trade running
smoothly and oversees the rules and immediate disputes among its member
nation.
3. What significant agreement that WTO agreed on COVID 19 vaccine
production?
World Trade Organization members agreed to temporarily wait intellectual
property patents on COVID 19 vaccines without the consent of the patent holders
for five years so that they can more easily manufacture them domestically.
4. What does goods declaration refer to?
Good declaration refer to a statement made in the manner prescribe by customs
authorities and other appropriate agencies by which the person consent indicate
the procedure to be observe in the application for the entry for admission of
imported good and the particular weights the customs of administration shall
require.
5. What is the mode of payment in terms of trade?

Subject to the existing rules on foreign currency exchange, the international

accepted standard and practices in the mode of payment or remittances covering
the imports and exports transaction including standard development of the
international training bodies such as the International Chamber of Commerce on
trading terms and all International Letters of Credit such as the uniform customs
and practices for documentary credit shall be recognized.