FICCI inks deal with TAITRA to push India-Taiwan trade

The FICCI Wednesday said it has signed a pact with the Taiwan External Trade Development Council to facilitate temporary duty-free admission of goods between India and Taiwan.

Federation of Indian Chambers of Commerce and Industry vice president Sidharth Birla and Council CEO Chao Yuen-Chuan signed the agreement in New Delhi.

The deal is similar to the ATA Carnet backed by an agreement between the India-Taipei Association and Taipei Economic and Cultural Centre.

ATA Carnet is an international uniform customs document issued in 72 countries including India, which are parties to the customs convention on ATA Carnet, which 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 goods being imported from Taiwan are not presently covered under the ATA Carnet system as Taiwan is not a signatory to the convention.

"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," FICCI said.