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India implements FTA - CBEC
June, 02nd 2010

India today implemented the Free Trade Agreement with two more Asean countries -- Vietnam and Myanmar -- by slashing duties on hundreds of products, including seafood, chemicals, apparel and tyres.

The agreement, signed with 10 South-East Asian nations in August 2009, is already functional with three ASEAN members -- Singapore, Thailand and Malaysia.

The notification putting the Free Trade Agreement with Vietnam and Myanmar into effect from June 1 was issued by the Central Board of Excise and Customs (CBEC).

In turn, these countries would also slash import duties on hundreds of Indian goods.

In accordance with the agreement, duties on products such as fruits, nuts and seafood would be reduced by about 70 per cent.

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