India - japan free trade agreement query
This query is : Resolved
Shobhit Jain
(Querist)
09 May 2015
I was going through the INDIA-JAPAN FTA and saw a clause for Custom Import Duty Reduction,which is as follows:-
"Customs duties on originating goods classified under the tariff lines indicated with “B10” shall be eliminated in 11 equal annual instalments from the Base Rate to free; "
Pls tell me how the import duty be reduced. I am not able to understand this language.
Link to the article:-
https://www.mofa.go.jp/region/asia-paci/india/epa201102/pdfs/ijcepa_x01_e.pdf
"Customs duties on originating goods classified under the tariff lines indicated with “B10” shall be eliminated in 11 equal annual instalments from the Base Rate to free; "
Pls tell me how the import duty be reduced. I am not able to understand this language.
Link to the article:-
https://www.mofa.go.jp/region/asia-paci/india/epa201102/pdfs/ijcepa_x01_e.pdf
RAMESH KUMAR VERMA
(Expert)
14 May 2015
Mr. Shobhit,
Except as otherwise provided for in this Agreement, each Party shall reduce or eliminate its customs duties on originating goods of the other Party in accordance with its Schedule. Upon the request of either Party, the Parties shall consult each other to consider the possibility of accelerating the reduction or elimination of customs duties as set out in their Schedules including the goods that are excluded from tariff concessions in the Annex. An agreement by the Parties to accelerate the reduction or elimination of customs duties on any goods shall supersede any duty rate or staging category established for those goods in this Article of the Agreement
Except as otherwise provided for in this Agreement, each Party shall reduce or eliminate its customs duties on originating goods of the other Party in accordance with its Schedule. Upon the request of either Party, the Parties shall consult each other to consider the possibility of accelerating the reduction or elimination of customs duties as set out in their Schedules including the goods that are excluded from tariff concessions in the Annex. An agreement by the Parties to accelerate the reduction or elimination of customs duties on any goods shall supersede any duty rate or staging category established for those goods in this Article of the Agreement
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