Asean - India Free Trade Agreement (Fta)
Product Overview
Key Features
Association of South East Asian Nations (ASEAN) and India Free Trade Agreement (FTA) ASEAN has a membership of 10 countries namely Brunei Darussalam, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam.The primary goals of AFTA seek to: Increase ASEAN's competitive edge as a production base in the world market through the elimination, within ASEAN, of tariffs and non-tariff barriers; and Attract more foreign direct investment to ASEAN. The Common Effective Preferential Tarrif (CEPT) Scheme Unlike the EU, AFTA does not apply a common external tariff on imported goods. Each ASEAN member may impose tariffs on goods entering from outside ASEAN based on its national schedules. However, for goods originating within ASEAN, ASEAN members are to apply a tariff rate of 0 to 5 percent (the more recent members of Cambodia, Laos, Myanmar and Vietnam, also known as CMLV countries, were given additional time to implement the reduced tariff rates). This is known as the Common Effective Preferential Tariff (CEPT) scheme. ASEAN members have the option of excluding products from the CEPT in three cases: 1.) Temporary exclusions; 2.) Sensitive agricultural products; 3.) General exceptions. Temporary exclusions refer to products for which tariffs will ultimately be lowered to 0-5%, but which are being protected temporarily by a delay in tariff reductions. Sensitive agricultural products include commodities such as rice. ASEAN members have until 2010 to reduce the tariff levels to 0-5%. General exceptions refer to products which an ASEAN member deems necessary for the protection of national security, public morals, the protection of human, animal or plant life and health, and protection of articles of artistic, historic, or archaeological value. ASEAN members have agreed to enact zero tariff rates on virtually all imports by 2010 for the original signatories, and 2015 for the CMLV countries. Liberalize Tariffs: - The FTA will liberalize tariffs on about 4,000 items accounting for nearly 80% of trade between India and ASEAN. Electronic goods, chemicals, certain capital goods and some categories of textiles are among the items covered. - When the agreement becomes effective, from Jan 1, 2010, tariffs on the products covered will sink to zero between 2013 and 2016. - A bilateral safeguard mechanism will address any sudden surge in imports with safeguard tariffs to protect domestic industries for a period of four years. Countries that agree to eliminate tariffs among themselves: Brunei Indonesia Malaysia Philippines Singapore Thailand Myanmar Cambodia Laos Vietnam Regular Observers Papua New Guinea Timor-Leste The most recent ASEAN meeting was observed also by: China Japan South Korea India Australia New Zealand
Company Details
IMPEX SOLUTION, Established in 1956 at Mumbai in Maharashtra, is a leading service provider of Export & Import Consultants in India. IMPEX SOLUTION is one of Trade India's verified and trusted names for listed services. With extensive experience in the field of Export & Import Consultants, IMPEX SOLUTION has made a reputed name for itself in the market with satisfactory ASEAN - India Free Trade Agreement (FTA), Apostille Certification, Asia Pacific Trade Agreement (APTA), etc.
Focusing on a customer-centric approach, IMPEX SOLUTION has a pan-India presence and caters to a huge consumer base throughout the country. Get Export & Import Consultants from IMPEX SOLUTION at Trade India quality-assured services.
Focusing on a customer-centric approach, IMPEX SOLUTION has a pan-India presence and caters to a huge consumer base throughout the country. Get Export & Import Consultants from IMPEX SOLUTION at Trade India quality-assured services.
Business Type
Service Provider, Distributor, Supplier
Establishment
1956
Working Days
Monday To Sunday
GST NO
27AABPP8518M1Z7
Seller Details
I
IMPEX SOLUTION
GST
27AABPP8518M1Z7
Proprietor
Mr. Bharat Gunvantray Parekh
AddressView on Map
404, Mandvi, Navjivan Bldg, 4Th Floor, 121/127, Kazi Syed Street, Masjid (West), Mumbai, Maharashtra, 400003, India
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