Customs Current Affairs - 2019
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Cabinet approves agreement on cooperation and mutual assistance in customs matters between India and Armenia
The Union Cabinet approved signing and ratifying agreement between India and Armenia on cooperation and mutual assistance in customs matters. The agreement will be signed by two countries after it is approved by respective Governments.
The agreement will provide legal framework for sharing of information and intelligence between Customs authorities of two countries. It will also help in proper application of Customs laws, prevention and investigation of Customs offences and facilitation of legitimate trade.
The Agreement will help in availability of relevant information for prevention and investigation of Customs offences. It is also expected to facilitate trade and ensure efficient clearance of goods traded between countries.
It will enter into force on first day of second month after Contracting Parties notify each other through diplomatic channels after fulfilling necessary national legal requirements for entry into force.
The Agreement takes care of Indian Customs’ concerns and requirements, particularly in area of exchange of information on correctness of Customs value declared and authenticity of certificates of origin of the goods traded between the two countries.
Tags: Cabinet Decisions • Customs • India-Armenia • National • Taxation
The Union Cabinet has approved signing and ratifying an Agreement between India and Uruguay for cooperation and mutual assistance in Customs Matters.
The Agreement will help both countries in the availability of relevant information for the investigation and prevention of Customs offences.
- The Agreement is also expected to facilitate trade and ensure efficient clearance of goods traded between both countries.
- It also takes care of concerns and requirements of Indian Customs particularly in area of exchange of information on correctness of the Customs value declared, description of the goods traded between the two countries and the authenticity of certificates of origin of goods.
- It will provide a legal framework for sharing of information and intelligence between the Customs authorities of the two countries.
- It will also help in the proper application of Customs laws, prevention and investigation of Customs offences and the facilitation of legitimate trade.
Uruguay is one of the important trading partner of India among members of the MERCOSUR, a trading block in Latin America. India has signed a Preferential Trade Agreement (PTA) with the MERCOSUR which came into effect in June, 2009. Trade between India and Uruguay has been expanding gradually.
Mercosur is a sub-regional political and economic bloc of South American countries. It calls itself the common market of the South America. At present, it is a full customs union and a trading bloc. Its full members are Argentina, Brazil, Paraguay and Uruguay. Its purpose is to promote free trade and the fluid movement of goods, people, and currency. It was established in 1991 and its headquarters are located at Montevideo (Uruguay). Its associate countries are Chile, Bolivia, Peru, Colombia, Ecuador and Suriname. Besides, New Zealand, Mexico are observer countries.