Source: News Bharati English04 Jan 2017 11:45:19
New Delhi, January 4: Agreement between India and Uruguay regarding Cooperation and Mutual Assistance in Customs Matters has been approved during the Cabinet meet which was chaired by Prime Minister Narendra Modi today in New Delhi. The agreement aims to facilitate the trade between two countries and strengthen the relationship.
The Agreement will help in the availability of relevant information for the prevention and investigation of Customs offences. The Agreement is also expected to facilitate trade and ensure efficient clearance of goods traded between the countries.The draft Agreement takes care of Indian Customs' concerns and requirements, particularly in the area of exchange of information on the correctness of the Customs value declared, the authenticity of certificates of origin of goods and the description of the goods traded between the two countries.
On Tuesday India and the Mercosur bloc, comprising Brazil, Argentina, Uruguay and Paraguay, stepped up their efforts to expand their preferential trade agreement (PTA) to make greater stance into the other’s market. India wants to export processed foods, more engineering goods and a wider range of pharmaceuticals to the Mercosur.
Trade between India and the Uruguay has been expanding gradually. The Agreement would provide a legal framework for sharing of information and intelligence between the Customs authorities of the two countries and help in the proper application of Customs laws, prevention and investigation of Customs offences and the facilitation of legitimate trade.