Current Affairs – October, 2016

Latest Current Affairs October, 2016 with Current Affairs, news summary on current events of National and International importance of October, 2016 for Banking, SSC, CLAT, UPSC, State PCS, IBPS, Railways and other Competitive Examinations.

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First meeting of NCTF held in New Delhi

The first meeting of National Committee on Trade Facilitation (NCTF) was held in New Delhi to discuss ways for developing roadmap for implementation of WTOs trade facilitation agreement.

It was headed by Cabinet Secretary P K Sinha and was attended by all 24 members along with secretaries of various ministries and departments like Home, Shipping, Civil Aviation.

What is National Committee on Trade Facilitation (NCTF)?

The NCTF is a mandatory requirement under the WTOs Trade Facilitation Agreement (TFA).  It is a national level body to facilitate domestic co-ordination and implementation of TFA provisions. It aims to develop the pan-India road map for trade facilitation. It will have three tier structure with main national committee for monitoring implementation of TFA.

What is Trade Facilitation Agreement (TFA)?

TFA is the WTO’s first-ever multilateral accord that contains provisions for expediting the movement, clearance and release of goods, including goods in transit. It also sets out measures for effective cooperation between customs and other appropriate authorities on trade facilitation and customs compliance issues.

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EU, Canada sign CETA

The European Union (EU) and Canada have signed Comprehensive Economic and Trade Agreement (CETA), a landmark trade deal.

The deal was signed by Canadian Prime Minister Justin Trudeau and top European Union officials in Brussels, Belgium. Now all 28 European Union states are required to endorse it.

What is Comprehensive Economic and Trade Agreement (CETA)?

  • CETA is a free free-trade agreement (FTA) between Canada and the EC. It aims to revoke roughly 9,000 tariffs, covering many industrial goods and agricultural and food items.
  • It links single European Union market with Canada, world’s 10th largest economy. It will add around €11.6 billion to the EU economy and around €8.2 billion to Canada’s economy
  • It also promises to open up competition and cooperation in the services sector ranging from regulations, to financial services, and telecoms.
  • It remove customs duties, open-up the services market, end restrictions on access to public contracts, offer predictable conditions for investors and help prevent illegal copying of EU innovations and traditional products.

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