28-September-2020
Economy News
 
Curbing FTA abuse: Govt to tighten scrutiny of imports from September 21
16-Sep-2020

A broad range of imports, including of mobile phones, set-top boxes, camera and various white goods, will come under stricter scrutiny from September 21, as the government will enforce tougher customs rules to curb abuse of its free trade agreements (FTAs) with trading partners by unscrupulous elements. Customs officials have long suspected that China may be diverting its supplies to India through Asean nations, abusing rules of origin, to illegally take advantage of duty-free market access under the FTA. Given the latest Indo-China border skirmish, the diversion may surge, they fear. In fact, after Singapore and Hong Kong, Vietnam has emerged as the third Asian trade partner, which counts on massive Chinese investments, to turn its usual trade deficit with India into a decent surplus in a span of just three years.

News Source:- https://www.financialexpress.com/economy/curbing-fta-abuse-govt-to-tighten-scrutiny-of-imports-from-september-21/2084227/