Central Govt. Amends India - Australia FTA Notification [Read Notification]
Central Government – Central Govt. Amends India – Australia – India – Australia FTA Notification – FTA Notification – FTA – taxscan
Central Government – Central Govt. Amends India – Australia – India – Australia FTA Notification – FTA Notification – FTA – taxscan
The Central Government vide notification no. 38/2023-Customs amended the Principal notification No.62/2022-Customs, dated the 26th day of December, 2022 of the India - Australia Free Trade Agreement (FTA) on 23rd May 2023.
The Section 25(1) of the Customs Act, 1962 empowered the Central Government to amend the notification on being satisfied that it is necessary in the public interest to do so.
The amendments are:
- S.No. 6 and the entries relating thereto omitted;
- against S.No. 7, for the entries in column (2) and column (3), the entries “27011210” and “All Goods” substituted respectively;
- after S. No. 7 and the entries relating thereto, the following S.No. and the following entries inserted:
| (1) | (2) | (3) | (4) | (5) |
| “7A. | 27011290 | All goods | 0 | 1.5 |
| 7B. | 27011910 | All goods | 0 | 0” |
- in Table IV - against S. No. 1, for the entries in column (2) and column (3), the entries “52010024, 52010025” and “Cotton of minimum 28 mm staple length” substituted respectively.
TABLE IV (Before Amendment)
| S. No. | Tariff Item | Description | Tariff Rate Quota Quantity | In-quota tariff rate | In- quota AIDC rate | Condition |
| (1) | (2) | (3) | (4) | (5) | (6) | (7) |
| 1. | 52010020 | Extra Long Staple Cotton of minimum 28 mm staple length | 51,000 Metric Tons | 0% | 0% | 1 |
TABLE IV (After amendment)
| S. No. | Tariff Item | Description | Tariff Rate Quota Quantity | In-quota tariff rate | In- quota AIDC rate | Condition |
| (1) | (2) | (3) | (4) | (5) | (6) | (7) |
| 1. | 52010024, 52010025 | Cotton of minimum 28 mm staple length | 51,000 Metric Tons | 0% | 0% | 1 |
A Foreign Trade Agreement, is a bilateral or multilateral agreement between two or more countries with the objective of facilitating and regulating international trade.
By lowering or removing tariffs and other trade obstacles on products and services, an FTA strives to liberalise commerce between member nations. FTAs frequently include clauses addressing the protection of investments, intellectual property rights, and other trade-related issues.
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