FFFAI first to attend WCO meet
For the first time in the World Customs Organisation’s (WCO) history, an industry association from India was invited to its meeting, held recently on WTO Trade Facilitation Agreement (TFA), in Brussels, Belgium.
Addressing the meet to exchange ideas on TFA and initiatives taken by the industry stakeholders in this country, Samir Shah, Chairman, Federation of Freight Forwarders’ Associations in India (FFFAI), maintained that the ongoing initiatives on Trade Facilitation under WTO Trade Facilitation Agreement would change the landscape of ex-im industry as well as Customs Broking/Freight Forwarding business across the globe with its very positive impact on Indian foreign trade. He says, “Owing to new elements in TFA, customs broking business would see a paradigm shift in the days to come. Both Customs Brokers and exporters/importers have to change their mindset and adopt new changes to face the future challenges for their survival and growth.”
According to WCO, the TFA has launched a new phase for trade facilitation reforms all over the world and it will create a significant boost for commerce and the multilateral trading system as a whole. TFA seeks to expedite the movement, release and clearance of goods across borders. Once the TFA is fully implemented, developing countries are predicted to increase the number of new products exported by as much as 20 per cent, with least developed countries (LDCs) likely to see an increase of up to 35 per cent.
Shah strongly represented the Indian industry perspective and Indian customs brokers/ freight forwarders’ active support to TFA. He also highlighted initiatives being taken by the Government of India for trade facilitation in consultation with industry stakeholders.
Shah cautioned, “Initiatives on trade facilitation and emphasis on compliances are emerging very strongly and quickly. Indian government is also acting very fast. Now it is industry’s responsibility to react accordingly.” He, however, made it clear that under the new regime of trade facilitation and digitisation, role of customs brokers/ freight forwarders would remain equally important. “Need of the hour is to be well-equipped with domain knowledge, enhancement of skill, transparency, change in mindset and IT efficiency,” the FFFAI Chairman suggested.
Owing to new elements in TFA, customs broking business would see a paradigm shift in the days to come