Cabinet approves pact with Qatar on customs matters
The Dollar Business Bureau
The Union Cabinet has given its nod for an agreement between India and Qatar related to cooperation in the matters of customs.
Chaired by Prime Minister Narendra Modi, the Union Cabinet has approved for ratifying and signing of an agreement on Cooperation and Mutual Assistance in Customs Matters, between India and Qatar, according to a release. The aim of the agreement is to enter into a bilateral pact for cooperation in matters related to customs between the two countries.
This agreement between the two countries will help in the availability of significant information for investigation and prevention of offences related to Customs. The Agreement is also said to ease trade and make sure that the goods traded between the countries gets efficient clearance. Qatar, a major oil producer, is a crucial trading partner of India. Over the last few years, trade has been expanding between the two countries.
In the wake of stable growth in trade between the countries, it becomes imperative to provide a legal structure for sharing of intelligence and information between the authorities of Customs of both the countries, that would help in proper application of laws of Customs, investigation and prevention of offences related to Customs and to ease legitimate trade.
After mutual discussions, a draft text of the agreement has been prepared. The draft looks into the concerns and requirements of Indian Customs, specifically in the field of exchange of information on accuracy of the declared Customs value, authenticity of certificates of source of goods and proper description of the traded goods between India and Qatar.