Indo Sri Lanka Free Trade Agreement Isfta Customs Notification

/Indo Sri Lanka Free Trade Agreement Isfta Customs Notification

Indo Sri Lanka Free Trade Agreement Isfta Customs Notification

A joint committee is set up at the ministerial level. The committee meets at least once a year to review progress in implementing this agreement and to ensure that the benefits of trade expansion resulting from this agreement are equal to both parties. The committee may, if necessary, set up subcommittees and/or working groups. In order to facilitate customs cooperation, the parties agreed to establish a working group on customs issues, including the harmonisation of customs positions. The working group meets as often as necessary and reports to the Committee on its deliberations. The Committee provides appropriate consultation opportunities on issues relating to the implementation of the agreement by each party. The committee adopts, within six months of representation, appropriate measures to address the issues raised by these representations. Each party implements these measures without delay. The Committee designates, in each country, a high-level chamber for trade and industry, which represents the positions of trade and industry on issues related to this agreement. Disputes that may arise between the commercial units of the contracting parties are referred to the head chambers for amicable settlement. These references are, as far as possible, governed by reciprocal consultations between the chambers.

If no amicable solution is found, the case is referred to an arbitration tribunal for binding decision. The tribunal is formed in consultation with the relevant arbitration bodies of the two countries in a joint committee. Disputes between the parties regarding the interpretation and application of the provisions of this agreement or an act adopted under it are settled amicably through negotiations in which neither party can notify the committee. The Sri Lankan government grants tariff concessions for exports from India to Sri Lanka for goods freely admitted to Sri Lanka, as described below: Zero duty for Schedule F – I positions after the agreement enters into force. Preferred margin of 50% for points in Schedule «F» – II after the agreement comes into force. The preferential margin for these items is increased to 70% and 100% respectively at the end of the first, second and third years of the agreement`s entry into force. For other items other than those in Schedule D, rates are reduced by at least 35% before three years and by 70% before the end of the sixth year and by 100% before the effective date of the agreement before the end of the sixth year and by 100% before the effective date of the agreement. Contracting parties are free to apply their domestic legislation to limit imports when prices are influenced by unfair trade practices such as subsidies or dumping. Subsidies and dumping mean that they have the same meaning as in the 1994 General Agreement on Tariffs and Trade and in the relevant WTO agreements. Products of Indian origin exported under the ISFTA to Sri Lanka are currently duty-free, with the exception of 1,180 TL products that are included in the Netherlands under the ISFTA. The Government of the Republic of India and the Government of the Democratic Socialist Republic of Sri Lanka (`contracting parties`). CONSIDERING that the expansion of their domestic markets through economic integration is an essential condition for accelerating their economic development processes.

Por |2020-12-10T18:31:14+00:00diciembre 10th, 2020|Sin categoría|Sin comentarios

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