Cabinet approves agreement between India and Philippines on cooperation in customs matters

Nov 23, 2017 09:38 IST
Cabinet approves agreement between India and Philippines on cooperation in customs matters

The Union Cabinet on 22 November 2017 approved the signing and ratifying of an agreement between India and Philippines on cooperation and mutual assistance in customs matters. The cabinet was chaired by Prime Minister Narendra Modi.

The agreement will assist in the exchange of relevant information for the prevention and investigation of Customs offences. The pact is also expected to facilitate trade and ensure efficient clearance of goods traded between the two nations.

The agreement will enter into force after the necessary national legal requirements have been fulfilled by both India and Philippines.  

Background

The agreement would provide a legal framework for sharing of information and intelligence between the Customs authorities of the two countries.

It would help in the proper application of Customs laws, prevention and investigation of Customs offences and the facilitation of legitimate trade.

The draft text of the proposed agreement has been finalised with the due consensus of the customs administrations of the two countries.

The draft agreement addresses Indian Customs' concerns and requirements, particularly in the area of exchange of information on the correctness of the Customs value declared and authenticity of certificates of origin of the goods traded between the two countries.

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