Trade is important for maintaining a competitive global economy because it stimulates invention and promotes marketplaces to become more specialised. The ability to trade also allows standard of living that may be of higher quality and less expensive than their domestic counterpart. In some cases, there may be no domestic alternative, in which case trade can provide a resource that would otherwise be unavailable. The WTO's goal is to reduce the barriers that prevent countries from trading productively and sufficiently. This is accomplished through the development of agreements that serve as the foundation of the WTO's multilateral trading system and allow for conflict resolution, as they are agreements that provide clarity, stability, and trade rights guarantees. There is also a structured dispute resolution procedure.
A free trade agreement (FTA) is an agreement reached between countries or regional groups to reduce or eliminate trade barriers through mutual negotiations with the goal of increasing trade. However, it can be broad enough to include goods, services, investment, intellectual property, competition, government procurement, and other areas. Customs duties or tariffs, rules of origin, non-tariff measures such as technical barriers to trade (TBT), sanitary phytosanitary (SPS) measures, trade remedies, and so on are among the key areas covered in the context of goods. Negotiations on services are focusing on barriers to various modes of supply, such as domestic regulations.
In the Indian export and import trade A cape size vessel berthed inside the V O Chidambaranar Port at Tuticorin for the first time in its history.
The first Cape Size vessel, ‘MV Cape Breeze,’ with a length of 292 metres, a breadth of 45.05 metres, and a DWT of 1,80,000 tonnes, arrived at the port on May 26, 2022.
The cape-size vessel arrived at Berth-9 with 92,300 Tonnes of Lime Stone consigned from the Port of Salalah, Oman, and an arrival draught of 11.4 Metres. M/s. Eastern Bulk Trading & Shipping Private Limited will receive the entire import of Lime Stone and Gypsum. Sea Port Logistics P Ltd. is the stevedore for the aforementioned vessel, and Seaport Shipping Pvt Ltd. is the steamer agent.
According to Shri T.K. Ramachandran, IAS, Chiarman, V.O. Chidambaranar Port Authority, “the benefit of economies of scale by handling large vessels will greatly benefit the trade by lowering freight costs and making EXIM trade competitive globally.” I’d like to commend the hard work and dedication of the V.O. Chidambaranar Port’s Ship Agents, Stevedores, Harbour Mobile Crane & Conveyor Operator, Officers and Staff of the Traffic & Marine Departments on reaching this significant milestone.
VOC Port handles a diverse range of cargoes, including coal, containers, limestone, gypsum, windmill blades and accessories, machinery, fertilisers, and food grains. VOC Port is the most preferred Port in South India due to its cost- effective services, excellent hinterland connectivity, cutting-edge infrastructure, enterprising Port user community, and capacity augmentation projects.