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CHEMEXCIL
Basic Chemicals, Cosmetics & Dyes Export Promotion Council
(Set-up by Ministry of Commerce and Industry, Govt of India)
Jhansi Castle 4th Fl., 7 Cooperage Road, Mumbai - 400 001.India.
Tel : +91 22 22021288 / * Fax : +91 22 22026684 *
E-mail : info@chemexcil.gov.in Web : https://chemexcil.in
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EPC/LIC/INDIA-CHILE/FTA |
17th May 2017 |
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TO ALL MEMBERS OF COUNCIL
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Implementation of the expanded India-Chile PTA
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Dear Members,
We would like to inform you that Ministry of Commerce & Industry, Government of India has issued press release dated 14th May 2017 that the agreement on expansion of India-Chile PTA which was signed on 6th September, 2016 is finally being implemented w.e.f. 16th May, 2017.
The expanded PTA would immensely benefit both sides as a wide array of concessions has been offered by both sides on a number of tariff lines which will facilitate more two way trade.
As you might be aware, India and Chile had earlier signed a Preferential Trade Agreement (PTA) on March 8, 2006 which came into force with effect from August, 2007. The original PTA had a limited number of tariff lines wherein both sides had extended tariff concessions to each other. India’s offer list to Chile consisted of only 178 tariff lines whereas Chile’s offer list to India contained 296 tariff lines at 8-digit level.
The expanded PTA has a wider coverage wherein Chile has offered concessions to India on 1798 tariff lines with Margin of Preference (MoP) ranging from 30%-100% and India has offered concessions to Chile on 1031 tariff lines at 8-digit level with MoP ranging from 10%-100%. These tariff lines were based on HS 2012 when the negotiations had been concluded. With the implementation of the HS 2017 Nomenclature with effect from 1st January, 2017, both sides have aligned their Annexes on India’s Schedule of Tariff Concessions, Chile’s Schedule of Tariff Concessions and the Schedule on Rules of Origin as per HS 2017 Nomenclature for issue of Notification. This would facilitate exporters of both sides to take the advantage of tariff concessions as per the expanded PTA immediately which covers around 96% of bilateral trade.
Further, Central Board of Excise & Customs (CBEC) has also issued notification No. 19/2017-Customs dated the 16th May, 2017 so as to notify the expanded schedule of tariff preferences under the India-Chile Preferential Trade Agreement (PTA). The Extent of tariff concessions (percentage of the applied rate of duty) can be found using below link-
http://cbec.gov.in/resources//htdocs-cbec/customs/cs-act/notifications/notfns-2017/cs-tarr2017/cs19-2017.pdf
Members are requested to take note of the same.
Thanking You,
Yours faithfully,
S.G. BHARADI
EXECUTIVE DIRECTOR
CHEMEXCIL
encl : cs19-2017 Chile
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