Cabinet approves pacts with Ethiopia on trade, Armenia on custom matters

The Dollar Business Bureau

The Cabinet on Wednesday approved the trade agreement between India and Ethiopia for boosting and promoting trade and economic cooperation between the two countries.

“The Union Cabinet, chaired by the Prime Minister Narendra Modi, has given its ex-post facto approval for the trade Agreement between India and Ethiopia for strengthening and promoting trade and economic co-operation,” said an official statement.

The trade Agreement between the two countries was signed on October 5, 2017 during the visit of President Ram Nath Kovind to Ethiopia.

The new trade agreement will replace the present trade agreement, which was signed between India and Ethiopia in 1982. The new Agreement will provide for all the necessary steps to promote trade, investment economic and technical cooperation between the two nations.

On the other hand, the Cabinet has also approved signing and ratifying of an agreement between India and Armenia on cooperation and mutual assistance in customs matters.

The Agreement will be signed after the respective Governments of India and Armenia give their approval.

“This Agreement shall enter into force on the first day of the second month after the Contracting Parties notify each other in through diplomatic channels, that the necessary national legal requirements for entry into force of this Agreement have been fulfilled,” said a statement.

After the signing of Agreement, both the countries will facilitate in providing relevant information in order to prevent and investigate offences related to customs.

The agreement will also likely to help in facilitating trade and ensuring efficient clearance of products traded between the two nations.