The Hindu Business Line : Duty cut on 539 items under pact with Singapore

New Delhi, Jan. 20The Finance Ministry has cut customs duty on 539 items as part of an agreed tariff elimination package under the comprehensive economic cooperation agreement (CECA) with Singapore.

Official sources said that the duty changes have come into effect from January 15 this year. The 539 items mainly comprise of manufactured goods.

The India-Singapore CECA came into effect on August 1, 2005. In December 2007, both countries signed a Protocol to amend the CECA so as to expand the tariff liberalisation package to 539 additional tariff lines within the trade in the goods chapter.

Of the 539 tariff lines, India had agreed to eliminate tariffs on 307 items in five equal cuts between January 15, 2008 and December 1, 2011. These 307 items comprise mainly of base metals, machinery, mechanical appliances, chemicals, textiles and textile articles. For another 97 products — mainly machinery and mechanical appliances, plastic and rubber articles and textile and rubber articles— tariff elimination is to be achieved in nine equal cuts between January 15, 2008 and December 1, 2015. For 135 products, tariff reduction to 5 per cent duty is to be achieved in 9 equal cuts between January 15, 2008 and December 1, 2015.

The domestic industry has been expressing concern over the changes in the flow of trade with Singapore.

More Stories on : Excise and Customs | Exports & Imports | Foreign Trade

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page