SME Times News Bureau | 21 Mar, 2013
The FICCI Wednesday said it has signed a pact with the
Taiwan External Trade Development Council to facilitate temporary duty-free
admission of goods between India and Taiwan.
Federation of Indian Chambers of Commerce and Industry vice president Sidharth
Birla and Council CEO Chao Yuen-Chuan signed the agreement in New Delhi.
The deal is similar to the ATA Carnet backed by an agreement between the
India-Taipei Association and Taipei Economic and Cultural Centre.
ATA Carnet is an international uniform customs document issued in 72 countries
including India, which are parties to the customs convention on ATA Carnet,
which permits duty-free temporary admission of goods into a member country
without the need to raise customs bond, payment of duty and fulfillment of
other customs formalities in one or a number of foreign countries.
The goods being imported from Taiwan are not presently covered under the ATA
Carnet system as Taiwan is not a signatory to the convention.
"The FICCI-TAITRA Carnet Protocol will pave the way to enhance the
bilateral trade co-operation between India and Taiwan through the use of
Carnets," FICCI said.