India hosts World Customs Organization RCP meeting of Asia Pacific
India hosted the World Customs Organization (WCO) Asia Pacific Regional Contact Points (RCP) that was held for 3 three days on Puducherry. The conference is being held for the fourth time in India. Previously it was held in Jaipur and Cochin.
- International Organizations like UNCTAD, Global Alliance on Trade Facilitation (GATF) participated in the conference. They presented the best practices that are involved in customs procedures.
- The conference also discussed about the key focus areas of the Asia Pacific Region. It includes security, enforcement, facilitation and capacity building.
World Customs Organization
- The World Customs Organization is an inter-governmental Organization that is involved in setting up principles and standards especially for cross border procedures and customs.
- The headquarters of WCO is located in Brussels.
- The Organization has divided the world into 6 regions to make the rules across borders of these regions easier.
- India is a member of the organization.
- The Asia Pacific accounts to 37% of the world’s GDP.
- Also, the region is important for India as it is trying to increase its trade and investment in the region. India is achieving this through its Act East Policy.
- The development of North East Region is also linked with India’s interests in Asia Pacific. India is finding markets in the region for the export of goods from North East.
- It is also essential for India to increase its presence in the region as China has larger interests in the region especially in the markets of the region.
Category: Economy & Banking Current Affairs - 2022
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