TaxTMI 
TaxTMI 
Regional Trade Agreements
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....egional Trade Agreements <br>News and Press Release<br>Dated:- 9-12-2021<br><BR>India currently has 11 Free Trade Agreements (FTAs)/Regional Trade Agreements (RTAs) with other countries/regions. In addition, it has 6 limited coverage Preferential Trade Agreements (PTAs). The details are as under: * Free Trade Agreements (FTAs) S.No. Name of the Agreement 1 India-Sri Lanka Free Trade Agreemen....
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....t (FTA) 2 Agreement on South Asian Free Trade Area (SAFTA) 3 India-Nepal Treaty of Trade 4 India-Bhutan Agreement on Trade, Commerce and Transit 5 India-Thailand FTA - Early Harvest Scheme (EHS) 6 India-Singapore Comprehensive Economic Cooperation Agreement (CECA) 7 India-ASEANFTA 8 India-South Korea Comprehensive Economic Partnership Agreement (CEPA) 9 India-Japan CEPA 10 India-....
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....Malaysia CECA 11 India-Mauritius Comprehensive Economic Cooperation and Partnership Agreement (CECPA) * Preferential Trade Agreements (PTAs) S.No. Name of the Agreement 1 Asia Pacific Trade Agreement (APTA) 2 Global System of Trade Preferences (GSTP) 3 SAARC Preferential Trading Agreement (SAPTA) 4 India-Afghanistan PTA 5 India - MERCOSUR PTA 6 India - Chile PTA A few instances ....
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....of re-routing of goods through the countries with which India has FTAs/RTAs have come to notice. To address this issue, Government has issued Customs (Administration of Rules of Origin under Trade Agreements) Rules, 2020 (CAROTAR, 2020) with effect from September 21, 2020 to supplement the procedures prescribed under different FTAs. These rules also cast responsibility on the importers to conduct ....
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....due diligence for ensuring that the goods meet the prescribed rules of origin. The newly introduced provisions act as deterrent against misuse of trade agreements. In addition, an FTA monitoring committee has been constituted with representation from government departments, trade and industry bodies to identify issues relating to misuse of FTA provisions and recommend action. The value of India's....
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.... trade with FTA/RTA partner countries in the last five years is as below: (Figures in US $ Million) Export/Import 2016-17 2017-18 2018-19 2019-20 2020-21 India's exports 59152.29 67576.95 73550.13 63515.49 63105.49 India's imports 65789.08 77692.17 93287.57 87327.72 74538.07 (Source: DGCIS) This information was given by the Minister of State in the Ministry of Commerc....
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....e and Industry, Smt. Anupriya Patel, in a written reply in the Lok Sabha.<BR> News - Press release - PIB....