The Asia Pacific Trade Agreement (APTA) of 2018 has recently made waves with its impact on Indian Customs Notification. As a professional, it is important to understand the significance of this agreement and how it affects India`s trade relationships with other countries in the region.
To start with, the Asia Pacific Trade Agreement (APTA) is a preferential trade agreement signed by six countries – Bangladesh, China, India, Lao PDR, South Korea, and Sri Lanka – in 1975. The agreement aims to promote intra-regional trade and reduce trade barriers by granting preferential tariffs and other trade-related concessions to member nations.
The most recent update to the APTA was signed in November 2017, where India agreed to lower tariffs on 3,142 items for member nations, while receiving concessions on 1,410 items. As per the Indian Customs Notification issued in September 2018, the concessional tariff rates agreed in the APTA for these items will be applicable from September 2018.
This move is expected to boost India`s trade relationships with other member nations by making it more competitive in the region. As per a report by the Economic Times, India`s exports to APTA countries had declined by 2.5% to $45.35 billion in 2017-18, while imports had increased by 8.3% to $54.06 billion. With the reduction in tariff rates, India`s exports are expected to increase while imports decrease, balancing trade relations and boosting the economy.
As a professional, it is important to use relevant keywords such as APTA, Indian Customs Notification, preferential tariffs, and intra-regional trade to ensure the article ranks well on search engines. It is also important to provide valuable information to the reader and highlight the impact of the APTA on India`s trade relationships with other member nations.
In conclusion, the Asia Pacific Trade Agreement of 2018 and the Indian Customs Notification issued in September 2018 are significant developments in the region`s trade relations. The reduction in tariff rates for member nations is expected to boost India`s exports and balance trade relationships, benefiting the economy. As a professional, it is important to understand the impact of such agreements and highlight their significance in articles.