|
Duty cut from zero to five per cent will be provided by India to the Agreement on South Asia Free Trade Area member states within 10 years, MoS for Textiles E V K S Elangovan has said.
In quest of commitment made during SAFTA negotiations, the government has decided to provide zero duty market access for eight million pieces of garments annually from Bangladesh, operationalised through an MoU reached upon between the governments of India and Bangladesh, said Elangovan.
Zero duty market access will also be provided for three million pieces of garments yearly from Sri Lanka under the India-Sri Lanka Free Trade Area without any sourcing conditions and port restrictions in terms of an MoU inked between the governments of India and Sri Lanka.
These quantities represent a small percentage of the domestic consumption, and are unlikely to adversely affect the domestic garment industry. The Agreement on SAFTA was operationalised from July 1, 2006. (bilaterals.org)
April 25, 2008
|
