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2023-06-14 19:33:49

India's Free Trade Agreements

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Free trade agreement .

India stands for a transparent equitable , inclusive , predictable non-discriminatory and rules based international trading system .

In this context , India's free trade agreements , F S and preferential trade agreements .

PS may be seen as a measured and calibrated exposure of the Indian economy to international competition .

Here N B will explain to NIU some details about F T A S .

What are F T A S F T A has established a fair set of rules for trade between the agreeing countries .

They provide each other favorable treatment by reducing trade barriers .

Firstly , they cut down the duties on imports of goods to and from the agreeing countries .

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Besides , they also work on easing out non tariff barriers to exports like easing quantitative import restrictions , easing customs procedures , improving market access for service exports and better investment rules .

Why do countries sign F T A S help in trade creation , job creation and economic growth ?

They are also a diplomatic tool for improving international relations .

How does it affect Indian exporters and importers ?

If India has an F T A with the trading country and if the goods being traded is covered by the tariff reductions under the F T A , then the importer or exporter has to pay a reduced import duty and not the standard duty that is applied to other countries .

Here is an example , the Asian countries impose an import duty of 20% on leather goods .

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However , under India , Asian F T A , the duty for India is 0% .

This means that an Indian leather exporter like Nikko can sell its goods to Asian countries at a 20% price advantage .

What are the different nomenclatures for F T A S F T A arrangements are known by various nomenclatures such as preferential trade agreement , P T A free Trade Agreement , F T A regional Trade Agreement , RT A Comprehensive Economic Cooperation Agreement , CE C A Comprehensive Economic Partnership Agreement , C EPA and Broad based Trade and Investment Agreement .

BT I A .

The difference amongst them is in their coverage ce C AC EPA BT I A cover an integrated package of agreements on goods , services , investments and intellectual properties , et cetera .

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While the more traditional FS are limited to trading goods only , which are the countries with which India has a free trade agreement .

As of 2017 , India has signed 10 F T A s and six limited preferential trade agreements that is P T A S .

The lists of the F T A s that have been signed by India are India Sri Lanka , F T A S A F T A agreement on South Asian free trade area .

The seven member countries are India , Pakistan , Sri Lanka , Bangladesh , Nepal , Bhutan and Maldives , India , Nepal Treaty of Trade .

India , an agreement on trade , commerce and transit .

India , Thailand FDA early harvest scheme that is E H S India Singapore ce C A .

India , Asian F T A Asian countries include 10 of the Southeast Asian countries .

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That is Vietnam , Thailand , Singapore , Cambodia , Indonesia , Malaysia , Myanmar , Philippines , Laos and Bruni , India , South Korea C epa India , Japan , C , Epa India , Malaysia ce C A .

The list of preferential trade agreements that is P T A S signed by India are A P T A that is Asia Pacific trade agreement member states exchanging concessions are India , China , South Korea , Sri Lanka and Bangladesh G S T P Global system of trade preferences under WTO .

This is open to all the member countries under the group of 77 under the WTO India Afghanistan P T A , India , Marco P T A , India , Chile , P T A and AAA preferential trading agreement and agreement on trade in service .

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What documents are required to avail duty concession under any of India's F T A s to take the advantage of tariff benefits given under an F T A .

The Indian exporter like NIU has to prove that her goods are made in India as per the rules of origin agreed under the given F T A .

This is proven by a document called the preferential certificate of origin .

The list of agencies in India , NIU can approach for such a certificate of origin is listed under appendix two B of the foreign trade policy .

However , in case of an Indian importer , the certificate of origin would be issued by the corresponding agencies in the seller's country .

You may see the video on certificates of origin .

For more details .

For more information on F T A S , please visit the Department of Commerce website .


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