The agreement will enable sharing of relevant information for the prevention and investigation of Customs offences.
The Union Cabinet on 1 November 2017 gave its approval for signing and ratifying an agreement between India and Armenia on cooperation and mutual assistance in customs matters.
The cabinet was chaired by Prime Minister Narendra Modi. The agreement will be signed on behalf of the two countries after it is approved by the respective Governments.
Key Highlights
The agreement will enter into force on the first day of the second month after the contracting parties notify each other that the necessary national legal requirements have been fulfilled.
The agreement will enable sharing of relevant information for the prevention and investigation of Customs offences.
It is also expected to facilitate trade and ensure efficient clearance of goods traded between the two nations.
Background
The enforcement of the agreement will provide a legal framework for the exchange 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 facilitation of legitimate trade.
The draft text of the same has been finalised with the consent of the two Customs Administrations.
The draft Agreement will take care of 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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