The Ministerial Council of the Asia Pacific Trade Agreement (APTA) has formally approved the implementation of the fourth round of exchange of tariff concessions, Bureaucracy Today has learnt.
The Minister of Commerce and Industry, Nirmala Sitharaman today told Lok Sabha in a written reply that the decision was taken on the meeting of APTA held on January 13, 2017.
According to the Minister, the tariff concessions being granted to APTA member states on the basis of Margin of Preference are being expanded under the fourth round of exchange of tariff concessions.
She added, “Concessions on tariff lines offered by China and Korea, inter-alia, cover certain textiles and chemical products, are likely to benefit the Indian exporters. Some items in which concessions have been offered by China and Korea include certain organic and inorganic chemicals, knitted and crocheted fabrics, and articles of apparel and clothing accessories”
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 countries. The current membership of APTA consists of six countries: Bangladesh, China, India, Lao PDR, Republic of Korea, and Sri Lanka.