The Agreement will be signed on behalf of the two countries after it is approved by the respective Governments. This Agreement shall enter into force on the first day of the second month after the Contracting Parties notify each other in through diplomatic channels, that the necessary national legal requirements for entry into force of this Agreement have been fulfilled.
The Agreement will help in the availability of relevant information for the prevention and investigation of Customs offences. It is also expected to facilitate trade and ensure efficient clearance of goods traded between the countries.
Background :
The Agreement would provide a legal framework for sharing of information and intelligence between the Customs authorities of the two countries and help in the proper application of Customs laws, prevention and investigation of Customs offences and the facilitation of legitimate trade. The draft text of the Agreement has been finalized with the concurrence of the two Customs Administrations. The draft Agreement takes care of Indian Customs' concerns and requirements, particularly in the area of exchange of information on the correctness of the Customs value declared and authenticity of certificates of origin of the goods traded between the two countries.
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