Cabinet approves agreement on co-operation in customs matters between India and Philippines

The Union Cabinet approved signing and ratifying of Agreement between India and Philippines on co-operation and mutual assistance in customs matters. The agreement will help in availability of relevant information for prevention and investigation of Customs offences.
The Agreement is also expected to facilitate trade and ensure efficient clearance of goods traded between countries. It will enter into force after necessary national legal requirements have been fulfilled by both countries.

Key Facts

The Agreement will provide legal framework for sharing of information and intelligence between Customs authorities of two countries. It would help in proper application of Customs laws, prevention and investigation of Customs offences and facilitation of legitimate trade.
The Agreement has been finalized with concurrence of two Customs Administrations. It takes care of Indian Customs’ concerns and requirements, particularly in area of exchange of information on correctness of Customs value declared and authenticity of certificates of origin of goods traded between two countries.

Month: Current Affairs - November, 2017