Taiwan-India temporary free import tax agreement in effect
April 2, 2014, 12:01 am TWN
TAIPEI -- An agreement signed between Taiwan and India to allow a temporary import duty waiver came into force Tuesday and is expected to advance bilateral trade relations, the Ministry of Finance said Tuesday.
The agreement will allow the adoption of common procedures for the temporary duty-free importation of goods from each other's territories, providing advantages to bilateral commercial and cultural activities, according to the ministry.
The pact was signed in March 2013 by James Tien, head of the Taipei Economic and Cultural Center in India, and Pradeep Rawat, then-director-general of the India-Taipei Association. It took affect after the sides finished their respective follow-up legal procedures, the ministry said in a statement.
Under the agreement, the Taiwan External Trade Development Council (TAITRA) and the Federation of Indian Chambers of Commerce and Industry (FICCI) will be the issuing association for TAITRA/FICCI carnets for temporary duty-free imports.
The pact will allow customs administrations on both sides to accept TAITRA/FICCI carnets for temporary importation of goods for display or use at exhibitions, international fairs, meetings or similar events.
This will facilitate customs clearance procedures and promote bilateral commercial and cultural exchanges, the ministry said.
India is the 43rd country in the world to sign an agreement for temporary admission of goods with Taiwan, following Japan, South Korea, Australia, the European Union and the United States, according to the ministry.