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India on Monday notified imports of 30,000 tonnes of crude soya oil from Paraguay at a concessional customs duty rate of 10 per cent under a trade agreement.
“TRQ (tariff rate quota) quota for import of 30,000 tonne of crude soya oil from Paraguay under India-Mercosur trade agreement is notified,” the Directorate General of Foreign Trade (DGFT) said in a notice.
TRQ is a quota for specified volume of exports that enter India at relatively low import duty. After the quota is reached, a higher tariff applies on additional imports.
India has a preferential trade pact with Mercosur, a six-country trade bloc, including Brazil, Argentina, Paraguay and Uruguay. The pact came into existence in June 2009.
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