Free Trade Agreements (FTAs) now offer a number of opportunities to Rajasthan’s exporters concerning goods transport, rules of origin, regulatory framework and custom duty related matters, an expert official told a seminar here.
Addressing business experts and officials at the seminar here yesterday, Bipin Menon, Development Commissioner, Noida Special Economic Zone (NSEZ) discussed the information regarding Free Trade Agreements and its benefits to the exporters of Rajasthan.
Mr Menon elucidated various concepts of Free Trade Agreements including the tracks related to goods, rules of origin, regulatory framework and customs duty elimination on products of export interest for Rajasthan.
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Moreover, Mr Menon also informed about the recent FTAs with various countries especially the UAE and Australia.
During the seminar, Mr Menon said under FTA, while the key aim was to enhance exports, one must also look into the possibility of sourcing raw materials, intermediates and capital goods from the FTA partner, which are inputs for domestic manufacturing.
Furthermore, it was stressed that FTAs with strategic partners have the positive effect of attracting investment and creating additional economic activity that would generate employment. During the seminar, the possibilities of exporting specific products from Rajasthan to different countries were also explained. Detailed information was also given about the customs duty concessions and parameters of rules of origin like change in tariff classification (CTC), value addition etc under FTA. The representatives of various trade organisations, Chartered Accountants, RIICO and SEZ officials were also present during the seminar.
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