Tue, Feb 21, 2017 | updated 08:24 AM IST

Union Cabinet approves exchange of tariff concessions under 4th round of APTA negotiations

Updated: Sep 12, 2016 14:36 IST

New Delhi [India], Sept.12 (ANI): The Union Cabinet on Monday approved the exchange of tariff concessions under the Fourth Round of Asia Pacific Trade Agreement (APTA) negotiations.

The approval has been given on a Margin of Preference basis.

The Asia Pacific Trade Agreement or APTA (formerly the Bangkok Agreement) is an initiative under the United Nations Economic and Social Commission for Asia and the Pacific (UN ESCAP) for trade expansion through exchange of tariff concessions among developing country members of the Asia Pacific Region. The current membership of APTA consists of six countries or Participating States (PSs), namely, Bangladesh, China, India, Lao PDR, Republic of Korea, and Sri Lanka.

Since this is a preferential trade agreement, the basket of items as well as extent of tariff concessions are enlarged during the trade negotiating rounds which are launched from time to time.

Till date, three rounds of trade negotiations have taken place. Up to the third round, India has offered tariff preferences on 570 tariff lines at an average Margin of Preference (MoP) of 23.9 percent and an additional 48 tariff lines to LDC members at an average MoP of 39.7 percent at the six-digit HS level. The third round, with respect to all Participating States, cumulatively covered concessions on 4,270 products with MOP of 27.2 percent.

The Cabinet approved India's offer 28.01 percent of dutiable national tariff lines (i.e. 3142 lines in HS2012 at 8-digit) with an average MoP of 33.45 percent. This will deepen the concessions being offered under this Agreement. Approval was also given to amend the preamble of APTA to effect accession of Mongolia as the 7th APTA Participating State. Other amendments to incorporate the Sectoral Rule of Origin to the Agreement were also approved.

The Fourth Session of the Ministerial Council of APTA, which is scheduled to be held shortly, will formally implement all the above decisions. (ANI)

Mumbai (Maharashtra) [India], Feb 21 (ANI): The Kurar Police seized two cars full of liquor last night ahead of the Brihanmumbai Municipal Corporation (BMC) polls here.

Full Story >>

Yadgir (Karnataka) [India], Feb. 21 (ANI): At least nine people were killed and 43 others suffered serious injuries following a deadly collision between a tempo and a cement tanker today in Karnataka's Yadgir district.

Full Story >>

Mumbai [India], Feb 21 (ANI): The Air Intelligence Unit (AIU) has seized 1039 grams of gold with a market value of Rs. 31,52,326 from a woman at Chhatrapati Shivaji International Airport here.

Full Story >>

New Delhi [India], Feb 21 (ANI): Coming down heavily on Prime Minister Narendra Modi for drawing a parallel between Hindu and Muslim festivals, Congress leader Kapil Sibal on Tuesday said that the former is trying to create a mindset inconsistent with the values of the Constitution.

Full Story >>

Piers Morgan praises Trump's NSA pick

Updated: Feb 21, 2017 05:51 IST

New Delhi [India], Feb. 21 (ANI): British journalist Piers Morgan apparently seemed very much in support of U.S. President Donald Trump's new National Security Advisor.

Full Story >>

NRHM Scam: SC to hear the matter today

Updated: Feb 21, 2017 04:17 IST

New Delhi [India], Feb 21 (ANI): The Supreme Court, on Tuesday, will hear the plea seeking investigation into the alleged multi-crore National Rural Health Mission (NRHM) scam in Uttar Pradesh.

Full Story >>

Lucknow (Uttar Pradesh) [India], Feb 21 (ANI): The campaigning for the fourth phase of Uttar Pradesh Assembly Elections will come to an end at 5 p.m. today.

Full Story >>

Chennai (Tamil Nadu) [India], Feb 21 (ANI): On the very first of assuming office as the Tamil Nadu Chief Minister, E. Palanisamy, announced five welfare schemes, to fulfill the promises made by the late chief minister J. Jayalalithaa in her election manifesto.

Full Story >>

New Delhi [India], Feb 21 (ANI): The Delhi High Court on Tuesday will hear plea filed by Vodafone India alleging that the Telecom Regulatory Authority of India ( TRAI) had failed to prohibit Reliance Jio Infocomm Ltd's (RJIO) "blatant violation" of tariff orders, directions and regulations by permitting it to continue with its free offers.

Full Story >>

New Delhi [India], Feb 21 (ANI): The Delhi Police, on Monday, claimed that they have identified the main accused in connection to the alleged rape of a 24-year-old woman from northeast, in Delhi's Hauz Khas area.

Full Story >>

Trivandrum (Kerala) [India], Feb 21 (ANI): In a recent development, two more accused, who were arrested on Sunday, in connection to the Malayalam actress' abduction and molestation case, have been sent to a 14-day judicial custody by the Aluva court, yesterday.

Full Story >>

New Delhi [India], Feb 20 (ANI): The Central Bureau of Investigation (CBI), on the complaint of Enforcement Directorate, on Monday registered a case against its former director A.P. Singh and meat exporter Moin Qureshi along with others.

Full Story >>

New Delhi [India], Feb 20 (ANI): The authorities of Aircraft Accident Investigation Bureau (AAIB) on Monday carried out an inquiry into the breach of separation incident at Kolkata Airport which took place on December 11, 2016.

Full Story >>

Hyderabad (Telangana) [India], Feb. 20 (ANI): Telangana Chief Minister K. Chandrashekhar Rao on Monday announced that a special comprehensive plan will be put in place for the development of the Most Backward Classes (MBCs) in the state.

Full Story >>

Chennai (Tamil Nadu) [India], Feb. 20 (ANI): Coming down heavily upon Tamil Nadu speaker for giving decision in Tamil Nadu Chief Minister Palanisamy's favour, Dravida Munnetra Kazhagam (DMK) working president M.K. Stalin on Monday said his party will bring a no confidence motion against the speaker in the state assembly.

Full Story >>

Yadgir, (Karnataka),[India] Feb. 20 (ANI): As many as eight people were killed after a collision between a tempo and a cement tanker took place on Monday in Karnataka's Yadgir.

Full Story >>

Kigali (Rwanda),[India] Feb. 20 (ANI): Vice President Mohammed Hamid Ansari today met Rwandan Senate President Bernard Makuza in Kigali and discussed ways to enhance bilateral ties.

Full Story >>

Kota, (Rajasthan),[India] Feb. 20 (ANI): A fire broke out at a petrol pump in Rajasthan's Kota while refuelling on Monday.

Full Story >>

Bengaluru, (Karnataka),[India] Feb. 20 (ANI): The parents of children studying in a private school in Bengaluru gathered around the school after they heard that a three-year-old girl was sexually assaulted by an employee.

Full Story >>