The Indian government on Thursday approved an agreement between India and Spain on mutual cooperation and assistance in matters pertaining to customs and trade.
The Union Cabinet meeting that approved this agreement was chaired by Prime Minister Shri Narendra Modi.
As per the press release by PIB Delhi, with reliable, quick, and cost-effective information and intelligence sharing between the two countries, this agreement will facilitate the prevention and investigation of customs offenses.
Further, the agreement would provide a legal framework for sharing of information between the customs authorities of the two countries and help in the proper administering of customs laws; detection and investigation of Customs offenses; and the facilitation of legitimate trade.
As per the information shared by PIB Delhi, the agreement contains the following broad provisions-
- The correct assessment of customs duties, especially information pertaining to the determination of the customs value, tariff classification and the origin of the goods traded between the two countries;
- The authenticity of any document produced in support of a declaration (such as certificate of origin, invoices etc.) made to the requesting authority;
- Customs offence concerning illicit movement of the following:
- Arms, ammunition, explosives and explosive devices;
- Works of art and antiques, which are of significant historical, cultural of archaeological value;
- Toxic materials and other substances dangerous to the environment and public health;
- Goods subject to substantial customs duties or taxes;
- New means and methods employed for committing Customs offences against Customs legislation.