The amendments in the customs rules to tighten checks on goods imported under free trade agreements (FTAs) could make it harder for businesses to do imports at concessional duties and may increase compliance cost. The move would curb the misuse of FTAs as India has seen repeated instances where goods originating from non-FTA countries were rerouted through FTA member countries to exploit preferential duty benefits. On March 18, the Ministry of Finance issued a notification, introducing amendments to the Customs (Administration of Rules of Origin under Trade Agreements) Rules, 2020 (CAROTAR). The amendment replaces the term, "Certificate of Origin" (CoO), with a broader term, "Proof of Origin", across various rules and forms under the CAROTAR framework, the Global Trade Research Initiative (GTRI) said. (ICE NEW DELHI)

Fonte notizia: Economic Times