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Regional Trade Agreements |
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| 9-12-2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
A few instances 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 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 trade with FTA/RTA partner countries in the last five years is as below: (Figures in US $ Million)
(Source: DGCIS) This information was given by the Minister of State in the Ministry of Commerce and Industry, Smt. Anupriya Patel, in a written reply in the Lok Sabha. |
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