India exchanges concession on 3142 tariff lines with APTA nations
By TIOL News Service
NEW DELHI, JULY 02, 2018: THE results of the 4th Round of negotiations under the Asia Pacific Trade Agreement (APTA) were implemented yesterday with effect from July 01, 2018. Formerly known as the Bangkok Agreement, it encompassess six nations, namely Bangladesh, China PR, India, Laos PDR, the Republic of Korea and Sri Lanka. Upon conclusion of trade negotiations & signing by represetatives of the member nations, the decision of the Ministerial Council was implemented.
On its part, India has exchanged tariff concessions on 3142 tariff lines with all member countries and special concessions on 48 tariff lines for LDCs, with Bangladesh and Lao PDR. As a founding member of APTA, India is committed to strengthening the APTA process through these concessions.
With the implementation of the Fourth Round, the coverage of preferences of total tariff lines for each member would come of 10,677 tariff lines (up from 4,270 items at the conclusion of the Third Round) and deepen the average Margin of Preference (MoP) being provided under the agreement to 31.52%. The Least Developed Country members are entitled to greater concessions on 1,249 items with an average MoP of 81% on these items under the special and differential treatment provisions of the APTA.
It may be noted that APTA is an initiative under the United Nations Economic and Social Commission for Asia and the Pacific (UN ESCAP) for trade expansion through exchange of tariff concessions among developing country members of the Asia Pacific Region, in place since 1975. The APTA is a Preferential Trade Agreement, under which the basket of items as well as extent of tariff concessions are enlarged during the trade negotiating rounds which are launched from time to time.
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