Connect with us

South Asia

India Offers Concessions to Bangladesh, Sri Lanka Under Asia Pacific Trade Agreement



In a move to bolster India-Bangladesh and India-Sri Lanka Trade Relations, India has agreed to provide tariff concessions on 3142 items. India will provide tariff concessions on 3142 items to Bangladesh, Sri Lanka and other members of the Asia Pacific Trade Agreement. The Commerce Ministry of India confirmed the development. 

This move will push India-Bangladesh and India-Sri Lanka trade to new levels, as Bangladesh and Sri Lanka will now enjoy major concessions from India. This could further replicate in strategic partnerships between India and Bangladesh as well as India and Sri Lanka.

Asia Pacific Trade Agreement

The  Asia Pacific Trade Agreement has six members in total with India and China being the key members. Asia Pacific Trade Agreement is the oldest among all Preferential Trade Agreements between the nations in the Asia Pacific region. India is a founding member of the  Asia Pacific Trade Agreement and is committed to helping the least developed nations.

As reported by the Press Trust of India, the tariff concessions and the concessions in duty will be more for the less developed nations and less for the developing nations. India along with Bangladesh, Sri Lanka, Laos, China, and Korea makes the six members of the Asia Pacific Trade Agreement (ATPA).

ATPA is an initiative taken under the United Nations Economic and Social Commission for Asia. It was set up in 1975 as a measure to expand trade among the developing nations in the Asia Pacific Region. The ATPA is a Preferential Trade Agreement under which the list of items and the tariffs on them are discussed in regular meetings among members.

The average margin of preference under the agreement is set at 31.52 per cent. However, the margin of preference for the least developed countries is 81 per cent with greater concessions being provided on 1249 items. The decisions of the last meeting of the members held on January 13 were put in effect from 1st July.




F-15EX-india F-15EX-india
Americas7 hours ago

Not The F-16s or F-35s, This Is The World’s Deadliest Fighter Jet With 100 Kills, Without A Single Loss

Over the years, the United States has developed a strategic military partnership with Israel by equipping them with the world’s...

putin-russia putin-russia
EurAsian Region8 hours ago

Russian Sukhoi Su-34 Jet Displays ‘Path-Breaking’ Capabilities; Makes Its First Flight Into The Stratosphere

Russian fighter-bomber aircraft Su-34 carried out a night-time combat exercise reaching to the heights of 15 kilometers at lower stratospheric...

Putin-Macron Putin-Macron
Europe11 hours ago

French President Emmanuel Macron Blames Azerbaijan For Starting Conflict With Armenia

French President Emmanuel Macron on Wednesday voiced solidarity with Armenia amid its conflict with Azerbaijan over disputed Upper Karabakh region....

Israel-Turkey Israel-Turkey
Europe14 hours ago

Greece Turning Into Another Israel: The Way US Backed Israel, EU Is Supporting Greece – Turkish Experts

With growing military confrontations in the Eastern Mediterranean between Greece and Turkey, several European Union (EU) nations have got itself...

Indian-Flag Indian-Flag
Featured14 hours ago

200,000 Muslim Children Disappeared From Uttarakhand Overnight: Another Smear Campaign Or Truth?

A news is getting viral on WhatsApp and Social media in India which EurAsian Times has access to. The news...

Asia Pacific15 hours ago

How India, China Conflict In Ladakh Is Becoming A ‘Test Platform’ For Drone Technology?

In a bid to compete with one another, India and China have been deploying their heavy weaponry and latest armaments...

India-Pakistan ties India-Pakistan ties
Featured16 hours ago

Pakistan Slams India For “Illegally” Freezing Amnesty’s Bank Accounts

Pakistan’s foreign minister – Shah Mahmood Qureshi on Wednesday lamented India “illegally” freezing Amnesty International’s bank accounts and called on...

Featured18 hours ago

Russia, China or The US: Which Country’s Air Force Operates The World’s Fastest Fighter Jets?

Ahead of the dawn of sixth-generation fighter jets including Britain’s “Tempest”, US’ secret fighter under NGAD program, and proposed Russian...

Trillion-Dollar-Infra Trillion-Dollar-Infra
Americas21 hours ago

“Shut-Up Man!”: Donald Trump Has A Face-Off With Joe Biden At US Presidential Debate

US President Donald Trump and Democratic nominee Joe Biden clashed Tuesday evening during a political showdown that repeatedly broke down...

rafale-jets rafale-jets
Featured22 hours ago

After The Rafale Fiasco, How Will Indian Armed Forces Benefit From The Removal Of Offset Clause?

The Rafale fighter jets were back in the media limelight when the Comptroller and Auditor General of India (CAG) reprimanded...