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India could climb up to be 5th largest economy next year: Arun Jaitley

 India has become the Vice-Chair (Regional Head) of the Asia Pacific Region of  World Customs Organisation (WCO) for a period of two years, from July, 2018 to June, 2020. The WCO has divided its Membership into six Regions. Each of the six Regions is represented by a regionally elected Vice-Chairperson to the WCO Council.

Being the Vice Chair of Asia Pacific Region of the World Customs Organization will enable India to take on leadership role. India is a wealth of experience in promoting security and facilitation of Cross Border-Trade.

To mark the assumption of Vice Chair, an event is being organized on July 16th by Central Board of Indirect Taxes and Customs (CBIC) in partnership with Confederation of Indian Industry (CII) in the National capital.

The event was attended by the Customs delegations of 33 countries of the Asia-Pacific Region, Customs officers from different Ports in India, Partner Government Agencies and representatives from the trade among others. The Secretary General of WCO, Mr Kuniyo Mikuriya delivered the Key Note Address, while Heads of Customs from Japan and Fiji, and senior officials from Korea, Singapore, China among others, participated in the Ceremony. The underlying Theme of the Inaugural Ceremony is “Customs – Fostering Trade Facilitation”

The Ceremony was followed by a Seminar on Cross Border Trade through e-commerce and the role of Customs administration. The Seminar focused on the framework of standards spearheaded by WCO to cope with the exponential growth in e-commerce shipments and the tsunami of parcels that cross borders every day. Recognizing that e-commerce has become a Game Changer in the International Trade Arena, bringing in efficiency of clearance and delivery of low value and high volume shipments has become a matter of critical interest for every Customs administration.

WCO represents 182 Customs administrations across the globe that collectively process approximately 98 per cent of world trade. As the global centre of Customs expertise, the WCO is the only international organization with competence in Customs matters and can rightly call itself the voice of the international Customs community.

 

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