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06/12/2017 12:44pm

CBEC – FICCI signs pact to roll out TIR system in India, first consignment to Russia early January

image CBEC – FICCI signs pact to roll out TIR system in India, first consignment to Russia early January

New Delhi, Dec 6 (KNN) The Central Board of Excise and Customs (CBEC) signed a new collaboration with the Federation of Indian Chambers of Commerce and Industry (FICC) along with the World Transport Organization (IRU) for the implementation of TIR system in India.

Under the new collaboration, the industry body will facilitate implementation of TIR and ensure smooth intra-regional and inter-regional trade in the country.

Commenting on the latest development, Dr. Sanjaya Baru in a press statement informed of the importance of the TIR system and its role in trade facilitation.

Baru further said that the mechanism have been a successful model for reducing trade transaction costs and is likely to add to the overall productivity across sectors.

Highlighting the significance of the mechanism, Baru said that it is likely to prove instrumental towards boosting regional connectivity and urged the BBIN partnering countries including Bangladesh, Bhutan and Nepal to accede the convention and join the network.

Also Sandeep Kumar, Commissioner (Customs & EP), Central Board of Excise & Customs (CBEC) who was present during the signing event said that the government is eyeing at active participation of the different sectors with the convention and mechanism in place.

The final note required for the completion of the accession process is to complete mid-December, following which the first containers from Nhava Sheva via Iran to Russia under the TIR is likely to take off early next year, Kumar added. (KNN/DA)

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