Govt approves signing of Indo-Philippines pact on customs
The government today approved signing of an agreement between India and the Philippines on cooperation and mutual assistance in customs matters.
The decision was taken in a meeting chaired by Prime Minister Narendra Modi.
The agreement will help in the availability of relevant information for prevention and investigation of customs offences, an official statement said.
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It added that the pact is expected to facilitate trade and ensure efficient clearance of goods traded between the countries.
"This agreement shall enter into force after the necessary national and legal requirements have been fulfilled by both the countries," it said.
The pact would provide a legal framework for sharing of information and intelligence between the customs authorities of the two countries.
The government also said the agreement would help in proper application of customs laws, prevention and investigation of customs offences and facilitation of legitimate trade.
The bilateral trade between the countries increased to USD 1.98 billion in 2016-17 from USD 1.92 billion in the previous fiscal.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
05:18 PM IST