India joins UN TIR Convention

#India #China #UN #TIRConvention #trade #business #politics

India has become the 71st country to join the United Nations TIR Convention, the international customs transit system with the widest geographical coverage. The TIR procedure will help goods to move across customs controlled international borders without the payment of duties and taxes.

It is rumored that one of the decision makers to join the convention was China’s One Belt One Road (OBOR) policy that passes into Indian territory and connects it to Pakistan, a country that India has continuously asked to be isolated, at the international platform.

India’s connectivity projects usually face a disconnect between transport and customs systems with different countries, but joining the TIR, India assumes that it will be easier to service African and Asian markets considering China and other countries are already a part of the convention.

Read the full article here

This is a good news, considering how much this can assist the manufacturing/exporting facilities located in India.

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