India to Speed Up Customs Agreements to Boost Trade

India May Sign Deals With Customs Authorities of Singapore, South Africa, and Possibly the UK

- Gireesh Chandra Prasad

India is looking at signing agreements with the customs authorities of Singapore, South Africa and possibly the UK by the end of June to streamline customs procedures that in turn would help boost trade, a senior official at the Central Board of Indirect Taxes and Customs (CBIC) said.

India is expected to sign deals with customs authorities of Singapore, South Africa, and possibly the UK by the end of the June quarter to streamline customs processes for accredited exporters and importers as part of efforts to boost cross-border trade, said an official of Central Board of Indirect Taxes and Customs (CBIC).

The CBIC will also work out a similar deal with the European Union (EU) authorities once the proposed bilateral free-trade agreement (FTA) is signed, according to Naveen Kumar Jain, chief commissioner at the CBIC's Directorate of International Customs (DIC).

The idea is to sign agreements to mutually recognize the country-specific accreditation programmes in India and these countries for their accredited exporters, importers, and logistics players.