New Delhi Imported items such as digital cameras, automatic beverage vending machines, certain types of photocopying equipment and malt to beer are among the items that have been granted import duty concessions under India’s trade agreement with the UAE, PwC India released in an analysis. Said citing an order. by the Central Board of Indirect Taxes and Customs (CBIC).
The CBIC issued orders giving effect to the Comprehensive Economic Partnership Agreement (CEPA), which came into force on May 1, outlining tariff items on which duty concessions have been granted. PwC India said the deal covers about 90% of the bilateral trade between the two countries.
PwC said that CEPA is expected to increase bilateral trade volume to $100bn from the current $60bn over the next five years.
The CBIC notifications give effect to the concessional customs duty benefit on trade in goods and outline the eligibility requirements in terms of the basic rules for claiming benefits under CEPA.
Abolition or reduction of import duty is to cover 11,908 tariff items in customs tariffs over a period of ten years as prescribed in CEPA.
The tariff items included in the CBIC notification include ice-making machinery, certain printers and an automatic data-processing machine, personal computers, automatic beverage vending machines including refrigerating devices, refrigerated goods vehicles with digital cameras and Spark . Ignition-internal combustion engine and gross vehicle weight less than 5 tons. Metal detectors in containers over 2 liters, malt beer and Scotch whiskey are also on the list.
“With CEPA operating, businesses should consider opportunities on the inbound and outbound sides for trade in goods, including the possibility of using CEPA for further expansion or market access in African and Middle Eastern regions,” PwC said.