India on Monday notified imports of 30,000 tonne of crude soya oil from Paraguay at concessional customs duty rate of 10 per cent under a trade agreement.
"TRQ (tariff rate quota) quota for import of 30,000 tonne of crude soya oil from Paraguay under India-Mercosur trade agreement is notified," the Directorate General of Foreign Trade (DGFT) said in a notice.
TRQ is a quota for specified volume of exports that enter India at relatively low import duty. After the quota is reached, a higher tariff applies on additional imports.
India has a preferential trade agreement with MERCOSUR, a six-country trade bloc, including Brazil, Argentina, Paraguay and Uruguay. The pact came into existence from June 2009.
India's bilateral trade with MERCOSUR was USD 10 billion in 2015-16 as compared to USD 14.24 billion in 2014-15.
Under the pact, both the sides have reduced or eliminated customs duties on certain number of goods traded between them.
India and the bloc are discussing ways to enhance scope of this agreement to further boost trade ties.
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app