Taiwan, India lift tariffs on goods used for exhibitions
May 16, 2014, 12:05 am TWN
TAIPEI -- Tariffs on goods shipped between Taiwan and India for temporary display purposes were lifted starting Thursday, as part of an agreement aimed at boosting bilateral trade and business exchange.
Under the agreement, companies are required to apply for temporary duty-free admission of products and equipment intended for use at trade shows and exhibitions and also to ship the goods back home after the shows.
The agreement was signed in March 2013 by the Federation of Indian Chambers of Commerce and Industry (FICCI) and the Taiwan External Trade Development Council (TAITRA) and took effect April 1.
The FICCI-TAITRA Carnet Protocol, as the agreement is called, is expected to simplify customs procedures on both sides.
The Taiwan-India document is similar to an international customs document known as the ATA Carnet, which allows a temporary exporter to use a single document for all customs transactions and allows for an unlimited number of entries and departures for up to one year.
Since 1990, Taiwan has inked similar deals with 39 countries and economic entities, including the European Union, the United States, Japan, Israel and Malaysia