FICCI inks deal with Taiwan's trade body, March 20 2013
Report by India Education bureau, New Delhi: In a bid to facilitate duty free temporary admission of goods and exhibits between India and Taiwan, the Federation of Indian Chambers of Commerce and Industry (FICCI) and the Taiwan External Trade Development Council (TAITRA) today signed a FICCI-TAITRA Carnet Protocol similar to the ATA Carnet backed by an agreement between India-Taipei Association (ITA), Taipei and Taipei Economic and Cultural Centre (TECC), India. The FICCI-TAITRA Carnet Protocol was signed on behalf of FICCI by Mr Sidharth Birla, Senior Vice President, FICCI, and on behalf of TAITRA by Mr Chao, Yuen-Chuan, President & CEO, TAITRA.
In terms of the FICCI-TAITRA Carnet Protocol, FICCI in India and TAITRA in Taiwan will facilitate the grant of ATA Carnet like document to Indian and Taiwanese businessmen for temporary movement of goods/exhibits for exhibitions/fairs in India and Taiwan.
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. The ATA Carnet System is administered by ICC-WCF World ATA Carnet Council (WATAC), Paris in cooperation with the World Customs Organization (WCO). 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. These protocols grant duty free admissions for exhibition goods which are brought for exhibition purposes on a temporary basis. The FICCI-TAITRA Carnet Protocol will pave the way to enhance the bilateral trade co-operation between India and Taiwan through the use of Carnets.