The Indian Finance Act, 2020 incorporated many changes in the customs law and procedures, including administration of Rules of Origin under Trade Agreements. The new Chapter VAA has been incorporated in the Customs Act, 1962 with an enabling provision for administering the preferential tariff treatment regime under various trade agreements, including FTAs.
As per WTO’s statistics, there are 305 regional trade agreements in force as of date, and majority of the international trade takes place under these agreements. India has entered into 15 free trade agreements, and one unilateral DFTP (Duty Free Tariff Preference) Scheme. Read More.