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CAROTAR, 2020 In a recent circular, the Central Board of Indirect Taxes and Customs (CBIC) advised customs officials to apply the CAROTAR (Customs Administration of Rules of Origin under Trade Agreements) Rules, 2020 with care and to ensure that their actions are consistent with the rules of any applicable trade agreements. In the event of a dispute between the revenue department and the importer, the exemptions outlined in a Free Trade Agreement (FTA) with regard to the nation of origin will take precedence. About The Ministry has instructed customs field agents to be cautious when implementing CAROTAR and to preserve…
22 August, 2022
Free trade agreement
India - UK Relations According to Britain Meets India (BMI) Report by Grant Thortan Bharat in collaboration with The Confederation of Indian Industry, trade between India and the UK is expected to double by 2030 as a result of the proposed free trade agreement, investments in technology, diversification of global supply chains, and ease of doing business (CII). The top industry that UK firms are looking to invest in India is business services, with Maharashtra being the top state for investment followed by the National Capital Region and Karnataka. About Proposed Free Trade Agreement The proposed FTA is anticipated to…
16 August, 2022
Free trade agreement
India-EU (Recalibration of trade ties) India’s focus on self-reliance The Atmanirbhar Bharat programme and the Budget 2021-22 have set the tone and tenor to bolster supply chains and achieve self-reliance. A self-reliant India, however, cannot be economically insular. Realising the vision of a self-reliant India would entail localising an increasing share of value-added along supply chains through investments and phase-wise reduction of import tariffs with strategic partners such as the European Union (EU). Export potential Potential: India has an untapped export potential of $39.9 billion in the EU and Western Europe. Major Exports: The top products with export potential include…
03 March, 2021
Free trade agreement
China’s Tariff Exemption to Bangladesh Recently, China has announced tariff exemption for 97% of exports from Bangladesh. Bangladesh had requested China to exempt its export items from tariffs in the background of the economic hardship triggered by the Covid-19 pandemic. China considered Bangladesh's request and has granted the tariff exemption to Bangladesh on account of its Least Developed Countries (LDCs) status. The move will help Bangladesh to remove the economic impact of the pandemic and also emerge as a possible beneficiary alongside Vietnam and Chile of the U.S.-China trade war. The supply chain disruption caused by the U.S.-China trade war…
25 June, 2020
Free trade agreement
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