FM Cuts Duty On 539 Items Under Agreement With Singapore

New Delhi: The Finance Ministry has slash customs duty on 539 items as part of an agreed tariff elimination package under the comprehensive economic cooperation agreement (CECA) with Singapore. The duty changes have come into effect from January 15 this year. The 539 items mainly comprise of manufactured goods. In December 2007, both countries inked a Protocol to amend the CECA so as to expand the tariff liberalisation package to 539 additional tariff lines within the trade in the goods chapter. Of the 539 tariff lines, India had agreed to eliminate tariffs on 307 items in five equal cuts between January 15, 2008 and December 1, 2011. These 307 items comprise mainly of base metals, machinery, mechanical appliances, chemicals, textiles and textile articles. For 135 products, tariff reduction to 5 per cent duty is to be got in 9 equal cuts between January 15, 2008 and December 1, 2015.