The Central Board of Excise and Customs (CBEC), under the Ministry of Finance has released a notification, announcing a reduction in custom import duties on 450 product goods, imported from the Mercosur block of countries under a preferential trade agreement.
The Mercosur block of countries compromising of Brazil, Argentina, Paraguay and Uruguay with Venezuela also in the process of becoming a full fledged member of this trading bloc are all committed to providing preferential access to a host of Indian goods as well.
Most of the items attract a duty concession of 10 and 20 percent and in some cases even 100 percent. Amongst the goods included in the list of 450 products are cotton yarn, silk and leather and footwear. This agreement will help to increase trade between India and Mercosur tremendously.
Click here to access customs notification.
Fibre2fashion News Desk - India
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