Consider the following statements:
1. India has ratified the Trade Facilitation Agreement (TFA) of WTO.
2. TFA is a part of WTO's Bali Ministerial Package of 2013.
3. TFA came into force in January 2016.
Which of the statements given above is/are correct?
A
1 and 2 only
B
1 and 3 only
C
2 and 3 only
D
1, 2 and 3
Correct Answer: Option A
Explanation
1. Statement 1 is correct. India officially ratified the WTO's Trade Facilitation Agreement (TFA) in April 2016.
2. Statement 2 is correct. The TFA was one of the key outcomes agreed upon during the WTO's Ninth Ministerial Conference held in Bali, Indonesia, in December 2013. It formed a significant part of the 'Bali Ministerial Package'.
3. Statement 3 is incorrect. The TFA came into force on 22 February 2017, after it achieved the required ratification by two-thirds of the WTO membership. It did not enter into force in January 2016.
4. Therefore, only statements 1 and 2 are correct.