Customs (Administration of Rules of Origin under Trade Agreements) Rules, 2020 sets guidelines for enforcement of the ‘rules of origin’ for allowing preferential rate on imports under free trade agreements took effect.
About:
The Rules define the extent of information that is to be possessed by the importer.
An importer needs to keep the origin-related information specific to every Bill of Entry (B/E) for a minimum of 5 years. The five years period starts from the date of filing the B/E.
The Rules mandate the inclusion of specific origin-related information in B/E.
It provides for the scenario where verification can be initiated from the exporting country. It sets the timeline for receipt of information from the verifying authorities, not provided in Trade Agreements.
It sets the timeline to finalize decisions based on the information received from the importer or verifying authorities.
It provides for the action that can be taken on the imported identical goods when the goods do not meet the originating criteria.
Free Trade Agreement
A free trade agreement (FTA) is a treaty between two or more countries to facilitate trade and eliminate trade barriers. It aims at eliminating tariffs completely on specified products.
Context:
Customs (Administration of Rules of Origin under Trade Agreements) Rules, 2020 sets guidelines for enforcement of the ‘rules of origin’ for allowing preferential rate on imports under free trade agreements took effect.
About:
Free Trade Agreement
A free trade agreement (FTA) is a treaty between two or more countries to facilitate trade and eliminate trade barriers. It aims at eliminating tariffs completely on specified products.