Finance Minister in her Budget Speech 2020 had said “Undue claims of FTA benefits have posed threat to domestic industry. Such imports require stringent checks. In this context, suitable provisions are being incorporated in the Customs Act, 1962. Accordingly The Customs (Administration of Rules of Origin under Trade Agreements) Rules, 2020 (CAROTAR, 2020), was notified on 21st August, 2020. The new Rules will support the importer to correctly ascertain the country of origin, properly claim the concessional duty and assist Customs authorities in smooth clearance of legitimate imports under FTAs.
India has FTAs with more than 30 countries including Japan, South Korea and Singapore, and is in the process of negotiating trade agreements with the USA, Australia, Switzerland, Norway and Iceland among others.
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