Free trade agreements Current Affairs, GK & News

UK-Vietnam Free Trade Agreement

The United Kingdom and Vietnam recently signed an agreement on trade. The agreement is to eliminate 99% of tariffs within seven years. Highlights With the elimination of 99% of tariff, Vietnam is to benefit from tariff savings of 114 million pounds, that is 151 million USD on its exports and British will benefit 36 million ..

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CAROTAR Rules, 2020

CAROTAR is Customs (Administration of Rules of Origin under Trade Agreements) Rules, 2020. It came into force in September, 2020. These rules are set of guidelines that enforce the “rules of origin” for the rate on imports under Free Trade Agreements. What are CAROTAR rules? Under these rules, an importer is required to do due ..

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RCEP: 15 Asian Economies sign World largest China-backed deal

On November 15, 2020, China and fourteen other countries signed a deal to set up the world largest trading bloc. The negotiations to sign the deal began in 2011. These 15 countries account to 30% of world population and 30% of global GDP. Thus, the deal is the world largest Free Trade Agreement. Key Highlights ..

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Digital Certificate of Origin System Launched

The Ministry of Commerce and Industries has launched the common digital platform for the issuance of certificates of origin to ease the regulatory burden on the exports. What is a certificate of origin? The Certificate of Origin is used to certify that the export products are obtained, produced or manufactured in India. Currently, it is ..

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African Continental Free Trade Agreement and India

At the summit of the African Union (AU) held at Niamey, the capital of the Niger Republic 54 of 55 of its member states signed the African Continental Free Trade Agreement (AfCFTA) for goods and services and 27 countries have already ratified it. The AfCFTA would create an African Common Market of 1.2 billion people and ..

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