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News Update as at 18.00 hrs (IST)


Macro Economy
India, Lanka in pact for tariff rate quota

CHENNAI: India and Sri Lanka have signed an MoU to finalise the procedural arrangements for operationalisation of tariff rate quota for import of three million pieces of apparel articles covered under the India-Sri Lanka free trade agreement (FTA).

The MoU was signed by Mr Qaiser Shamim, Joint Secretary, Ministry of Textiles on behalf of India and Mr W.D. Jayasinghe, Additional Secretary, Ministry of Textiles Industries, Sri Lanka.

In pursuance of the FTA that came into force on March 1, 2000 it was decided that Sri Lanka could export to India, in one calendar year, three million pieces of apparel articles covered on duty-free basis and without any restriction on entry points and s ourcing of fabrics. - Our Bureau

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