India, Sri Lanka sign MoU for tariff rate quotas

INDIA: India and Sri Lanka yesterday signed a Memorandum of Understanding (MoU) to finalise the procedural arrangements for operationalisation of Tariff Rate Quota (TRQ) for import of three million pieces of apparel articles covered under the India-Sri Lanka Free Trade Agreement (ISLFTA).

The MoU was signed by Shri Qaiser Shamim, Joint Secretary, Ministry of Textiles on behalf of Government of India and Shri W.D. Jayasinghe, Additional Secretary, Ministry of Textiles Industries, Sri Lanka on behalf of Government of Sri Lanka.

In pursuance of the ISLFTA that came into force on 1st March, 2000, it was decided that Sri Lanka could export to India, in one calendar year, three million pieces of apparel articles covered under ISLFTA, on duty free basis and without any restriction on entry points and sourcing of fabrics.

Under the MoU, the Textile Quota Board and Department of Commerce of Sri Lanka has been designated as authority for issuance of quota and certificate of origin for the export of apparel articles from Sri Lanka to India and in the case of India, the Textiles Committee has been nominated to monitor the TRQ parameters.