India-Sri Lanka Free Trade Agreement: Understanding the Registration Process

The India-Sri Lanka Free Trade Agreement (ISFTA) is a bilateral agreement that allows free trade of goods and services between the two countries. The agreement was signed in 1998 and came into effect in 2000. Since then, the trade between the two countries has increased significantly. The ISFTA offers various benefits to the exporters and importers of both countries, such as duty-free access to each other's markets, simplified customs procedures, and protection of intellectual property rights. Let's dive in further to know the registration process for the ISFTA and how businesses can benefit from it.

ISFTA SAMPLE REPORT

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The India-Sri Lanka Free Trade Agreement (ISFTA) allows for the import and export of certain goods between India and Sri Lanka at preferential rates of duty. To claim these preferential rates, exporters need to obtain a Certificate of Origin (COO) that verifies that their goods meet the origin criteria specified in the agreement.

There are two types of schemes associated with the ISFTA COO - preferential and non-preferential schemes.Under the preferential scheme, eligible goods exported to Sri Lanka attract lower or zero tariff rates. The ISFTA COO is required to claim these preferential rates.

On the other hand, the non-preferential scheme applies to goods traded between India and Sri Lanka that are not covered under the preferential scheme. The non-preferential scheme is mainly used for statistical purposes and to enforce trade regulations. In such cases, a COO is also required, but it is not needed to claim preferential tariff rates.

Before we dive into the registration process, let's take a look at the benefits of the ISFTA. The agreement offers the following advantages to the businesses of India

1.Duty-Free Access:

Under the ISFTA, both countries have agreed to eliminate or reduce customs duties on a wide range of goods. This means that Indian exporters can sell their products in Sri Lanka without paying any duty, and vice versa. This makes the products more affordable and competitive in the market.

2.Simplified Customs Procedures:

The ISFTA also simplifies customs procedures for the exporters and importers of both countries. The agreement provides for faster clearance of goods at the border, reducing the time and cost of trade.

3.Protection of Intellectual Property Rights:

The ISFTA includes provisions for the protection of intellectual property rights of the businesses of both countries. This provides a secure environment for innovation and creativity and encourages investment in research and development.

• Organization DSC
• IEC code certificate
• Registered email on DGFT
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• Commercial Invoice
• Purchase bill that has details of quantum and origin of product
• Declaration from manufacturer exporter
• Product detail
• Purchase order from importer of the product

To avail the benefits of the ISFTA, businesses need to register themselves with the respective authorities of India and Sri Lanka. Here are the steps involved in the registration process:

• Online application :- Provide all the related documents such as billing details to proceed with the online application.
• Filling up the form :- Once all the documents and details are collected, we will fill for the ISFTA registration with respective authorities.
• Upload documents :- Once the application is filled upload all the necessary documents
• Issuance of Certificate :- The certificate of origin will be issued

The ISFTA has opened up opportunities for businesses of both India and Sri Lanka to expand their trade relations. The registration process is relatively simple, and businesses can benefit from duty-free access, simplified customs procedures, and protection of intellectual property rights. By following the above steps, businesses can take advantage of the ISFTA and increase their competitiveness in the market.