Cabinet note to be prepared within 2 months to facilitate India become signatory to TIR Agreement: Commerce Ministry

Cabinet note to be prepared within 2 months to facilitate India become signatory to TIR Agreement: Commerce Ministry

http://knnindia.co.in/news/newsdetails/economy/cabinet-note-to-be-prepared-within-2-months-to-facilitate-india-become-signatory-to-tir-agreement-commerce-ministry

New Delhi, Feb 23 (KNN) A cabinet note is likely to be finalized within two months to enable India become a signatory for TIR Agreement (Convention on International Transport of Goods Under Cover of TIR Carnets) to further enhance and facilitate India’s trade and economic basket with CIS region including that of Russia, according to Joint Secretary, FT (CIS), Ministry of Commerce and Industry, Sunil Kumar.

India if succeeded signing in the TIR Agreement and becomes signatory to it, its containers carrying goods from its sea shores until CIS countries could not be halted for any inspection on their sea routes and move without any obstructions as it would save time and decrease the logistics cost of India’s exports to CIS

Speaking at the Interactive Session on New Markets New Opportunities: Destination CIS under aegis of PHD Chamber of Commerce and Industry in the national capital, Kumar explained that nearly 70 countries are signatory to TIR Agreement which makes transshipment of their goods through waters routes easier and unhindered as it leads to harmonization of system and such transshipment are not subjected to any scrutiny from their shipment until their destination.

He also hinted that a comprehensive economic partnership agreement is also being worked out with CIS regions which according to it could be a free trade agreement so that the exports and imports between India and CIS regions travel with little difficulties.

The trade prospects of Indian businessmen in the CIS regions could be more flourishing in areas of agriculture, horticulture, textile, tea, tobacco, research, biotechnology, mining and hydroelectric including renewable and oil and gas, pointed out Kumar.

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