A customs mutual assistance agreement between Taiwan and India took effect yesterday, which may help boost clearance efficiency and trade safety between the two countries, the Ministry of Finance (MOF) said.
The agreement was signed in New Delhi on July 12 by Taipei Economic and Cultural Center representative in New Delhi Philip Ong (翁文祺) and director-general of the India-Taipei Association Pradeep Rawat, after being negotiated for more than two years.
“The agreement anticipates the two countries’ closer economic and trade relations in the future, and will benefit the nation’s customs supervisors and local companies’ clearance efficiency,” Deputy Minister of Finance Hwang Ding-fang (黃定方) told a media briefing yesterday.
The signing of the agreement on customs mutual assistance may provide a source of law for further two-way authentication of authorized economic operators (AEO), the ministry said.
It also has a positive influence on Taiwan’s signing of other economic and trade agreements with India in the future, Huang said, adding that he has joined three meetings discussing a taxation agreement between the two countries.
India is the fourth country to sign a customs mutual assistance agreement with Taiwan. An agreement with the US was signed in 2001, with the Philippines in 2004 and with Israel in 2009, ministry data showed.