logo

logo

Sri Lanka Free Trade Agreements

Pl. Visit India`s website for ISFTA tariff concessions and other Customs Information from India: www.indiantradeportal.in/index.jsp Sri Lanka, Pakistan has granted a tariff quota of 6000 m/t of Basmati rice and 1,000 m/t of potatoes per calendar year (January-December) duty-free. However, the importation of potatoes is only allowed during the low season from Sri Lanka. (2/3 in June-July and 1/3 in October-November each year). Sri Lanka has identified a total of 102 six-figure HS tariff lines, on which Pakistan has 100% duty-free access. Tariff quotas (tariff quotas) are certain quantities of products for which the importing country would grant duty-free access or preferential import duty from the other Party to the Agreement. Products that exceed the agreed customs tariff are subject to the normal customs duties applied by the importing country for these products. Products of Indian origin exported to Sri Lanka under ISFTA are currently exempt from customs duties, with the exception of goods of 1,180 TL contained in the Netherlands of Sri Lanka under ISFTA. The list of instant concessions includes a total of 206 six-figure HS tariff lines (products) and Sri Lanka immediately enjoys 100% duty-free access for these products to the Pakistani market.

Trade relations between Sri Lanka and India marked a historic milestone with the signing of the India-Sri Lanka Free Trade Agreement (ISFTA) on 28 December 1998 as the 01st bilateral free trade agreement between Sri Lanka. ISFTA entered into force on 1 March 2000. ISFTA is now in full implementation, as both sides have completed their commitments under the Customs Liberalization Programme (TLP), as explained below. Products exported to India and originating in Sri Lanka ISFTA are currently exempt from customs duties, with the exception of the following categories All finished products falling under category (b) above would have to contain at least 35% of the domestic value added of their FOB value to be eligible for preferential treatment. In addition, it is also necessary that all non-originating materials used by exporters change their six-digit HS codes relative to those of the final product due to the manufacturing process in the exporting country. Pakistan`s negative list consists of 540 six-digit HS tariff headings (products). Since these products are on the negative list, they are not entitled to tariff concessions when imported from Sri Lanka Rules of Origin (ROOS) Criteria for exported products that are not wholly obtained or for products imported into Sri Lanka (with imported inputs) The provision for the amendment of the six-digit HS codes has relaxed the rules of origin of the PSFTA. compared to most other free trade agreements which provide for the HS code to be changed to four digits. . .

.

Post Details

Posted: 10/08/2021

By: