Govt amends notification No. 22/2022- Customs dated 30.04.2022, in order to notify third tranche of India-UAE CEPA vide Notification No. 21/2024-Customs | Dated : 15th March, 2024.
Introduction: The Ministry of Finance, under the Department of Revenue, has issued Notification No. 21/2024-Customs on 15th March, 2024. This notification aims to amend the existing notification No. 22/2022-Customs dated 30th April, 2022, concerning the India-UAE Comprehensive Economic Partnership Agreement (CEPA). The amendments are directed towards the notification of the third tranche of the India-UAE CEPA. This article delves into the specifics of the amendments and their implications.
Detailed Analysis:
The Notification No. 21/2024-Customs represents a significant development in the bilateral trade relations between India and the United Arab Emirates (UAE). With the global economic landscape constantly evolving, such amendments to trade agreements play a crucial role in ensuring the competitiveness and efficiency of trade between nations.
The primary focus of this notification is on amending the earlier notification, No. 22/2022-Customs, to accommodate the provisions related to the third tranche of the India-UAE CEPA. This indicates a continuation of the efforts made by both nations to enhance their economic ties and foster mutual growth and development.
Key aspects of the amendments include adjustments to tariffs, duty rates, and other trade-related measures that directly impact the bilateral trade between India and the UAE. These changes are likely aimed at addressing emerging challenges, promoting specific sectors, and aligning the agreement with the evolving economic realities of both countries.
Furthermore, the timing of the notification is noteworthy, as it is set to come into force on the 1st day of April, 2024. This indicates a strategic approach by the authorities to implement the amendments at a specific point in time, possibly considering various economic factors and the overall trade environment.
The amendments introduced through Notification No. 21/2024-Customs are expected to have far-reaching implications for businesses, industries, and stakeholders involved in India-UAE trade. It is imperative for all relevant parties to carefully analyze the changes and adapt their strategies and operations accordingly to leverage the new opportunities and mitigate any potential challenges.
Conclusion: In conclusion, Notification No. 21/2024-Customs signifies the ongoing efforts of both India and the UAE to strengthen their economic partnership through the CEPA. The amendments introduced through this notification reflect a commitment to enhancing bilateral trade relations and addressing emerging economic challenges. It is essential for businesses and stakeholders to stay informed about these changes and adapt proactively to capitalize on the opportunities presented by the evolving trade landscape between India and the UAE.
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MINISTRY OF FINANCE
(Department Of Revenue)
Notification No. 21/2024-Customs | Dated : 15th March, 2024
G.S.R. 213(E).—In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 22/2022-Customs, dated the 30th April, 2022, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 328(E), dated the 30th April, 2022, namely :-
In the said notification,-
(i) for TABLE I, the following Table shall be substituted, namely: –
2. This notification shall come into force on the 1st day of April, 2024.
[F. No. CBIC-190354/31/2023-TRU]
VIKRAM VIJAY WANERE, Under Secy.
Note: The principal notification No. 22/2022-Customs, dated the 30th April, 2022, was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 328(E), dated the 30th April, 2022, and was last amended vide notification No. 66/2023-Customs, dated the 22nd December, 2023, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R 909(E), dated 22nd December 2023.
