India and Uruguay ratify cooperation and mutual assistance in Customs matters
The Dollar Business Bureau The Union Cabinet, chaired by the Prime Minister Narendra Modi has approved signing and ratifying an Agreement between India and Uruguay regarding Cooperation and Mutual Assistance in Customs Matters. The Agreement will help in the availability of relevant information for the prevention and investigation of Customs offences. The Agreement is also expected to facilitate trade and ensure efficient clearance of goods traded between the countries. The draft Agreement takes care of Indian Customs' concerns and requirements, particularly in the area of exchange of information on the correctness of the Customs value declared, the authenticity of certificates of origin of goods and the description of the goods traded between the two countries. The Agreement would provide a legal framework for sharing ...
India pursues expansion of PTAs with LAC
The Dollar Business Bureau India and the Latin American countries (LAC), including Brazil and Peru, are increasing their engagement and discussing ways like signing free trade agreement (FTA) to further enhance trade and investments. India has signed a pact with Chile in September this year on the expansion of preferential trade agreement (PTA). “The expanded PTA will have far greater trade coverage in comparison to the agreement signed earlier in March as both sides have offered tariff concessions on a number of lines, the Ministry of Commerce said in a statement. In order to explore the possibility of a free trade agreement with Peru, India has just finished a joint study group report and both the countries have agreed to a timeline to carry it forward. “With ...
India looks to expand its share of bilateral trade with MERCOSUR
The Dollar Business Bureau India has pushed forward its consideration to the World Trade Organisation (WTO) of expanding the number of goods traded between India and MERCOSUR, a trading bloc comprising Brazil, Argentina, Uruguay and Paraguay, in order to cover a large part of bilateral trade. “The representative of India said that parties to the agreement have agreed on the need to “significantly increase” the number of tariff lines so that it covers a sizeable portion of bilateral trade,” WTO said in an announcement. According to WTO Secretariat, the India-MERCOSUR trade agreement, which is considered to be the initial step towards creating a free trade area among the member countries, commenced in 2009 and covers more than 450 tariff lines for ...
