Business Daily from THE HINDU group of publications
Thursday, Jul 05, 2007
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Business Daily from THE HINDU group of publications Thursday, Jul 05, 2007 ePaper |
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Industry & Economy
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Foreign Trade Government - Policy Govt implements another round of SAFTA tariff concessions
K.R. Srivats New Delhi, July 4 A host of textile items and light engineering goods could get increased market access to the Indian market, with the Government implementing another round of SAFTA tariff concessions to boost trade within the SAARC region. Indications are that the tariff concessions would lead to increased competitiveness of imports into India from the other member countries of the SAARC. The Finance Ministry’s latest round of tariff concessions on about 250 tariff lines relating to textile items would work to the advantage of low-cost finished goods manufacturers like Bangladesh, say trade experts. Apart from textile items, tariff concessions have been deepened on about 127 tariff lines covering whole range of goods including motor cars, golf cars, steel, cement, aircraft, railway or tramway locomotives, certain sugar, certain food preparation meant for infant use, refrigerated motor vehicles for goods transport, clocks, furniture, toys and works of art The Agreement on South Asian Free Trade Area (SAFTA) came into force on January 1, 2006. SAFTA was signed on January 6, 2004 during the twelfth SAARC Summit in Islamabad. “The Government’s move to further deepen the import tariff concessions is a welcome step. It would lead to strengthening of SAFTA and also make imports from other SAFTA members more competitive, thereby helping to offset the balance of trade that is heavily tilted in favour of India,” Mr Ganesh Kumar Gupta, FIEO President, told Business Line. India’s trade with SAARC countries in fiscal 2005-06 stood at $6.69 billion as compared to $5.2 billion in the previous year. In April-October 2006, India’s trade with SAARC countries stood at about $4.4 billion.
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