FICCI inks Carnet Protocol with TAITRA
Mumbai: Aiming to facilitate the duty free temporary admission of goods and services between India and Taiwas, the Federation of Indian Chambers of Commerce and Industry (FICCI) inked a Carnet Protocol with the Taiwan External Trade Development Council (TAITRA). As per the Carnet Protocol, FICCI in India and TAITRA in Taiwan will faciclitate the grant of ATA Carnet like document to Indian and Taiwanese businessmen for temporary movement of goods/exhibits for exhibitions/fairs in both the countries.
FICCI has been appointed as the National Issuing and Guaranteeing Association for the operation of ATA Carnet System in India. The goods being imported from Taiwan are not presently covered under the ATA Carnet System as Taiwan is not a signatory to the Convention. However, Taiwan has signed similar carnet protocol with more than 35 countries including United States, Canada, Japan, Singapore, Australia, Malaysia, South Africa, the EU, etc.
ATA Carnet is an international uniform Customs document issued in 72 countries including India, which are parties to the Customs Convention on ATA Carnet. The ATA Carnet permits duty free temporary admission of goods into a member country without the need to raise customs bond, payment of duty and fulfillment of other customs formalities in one or a number of foreign countries.
EPC News Bureau